October Term 2016 · Docket 16-373
Does American Pipe tolling apply to the Securities Act's three-year repose limit?
Investors argue the repose limit pauses during class actions. The issuer argues it never pauses.
Verified source milestones
- — An official oral-argument transcript was verified.
- — An official oral-argument transcript was verified.
The arguments, in order
This case may have been argued more than once. Each entry below uses that session's official transcript. Later arguments do not erase earlier ones.
Argument 1 ·
What happened at the argument
Goldstein argued American Pipe tolling applies to both limits.
Clement argued the three-year limit is a statute of repose.
Roberts questioned whether a relative price drop bars suits.
Kagan asked if the distinction is practical or formal.
Read the official transcript for this argument · Official argument details
Sources used for this argument breakdown
- Official Supreme Court Transcript — file page 10, lines 28-16 — Transcript, file page 10, lines 28-16
- Official Supreme Court Transcript — file page 11, lines 18-38 — Transcript, file page 11, lines 18-38
- Official Supreme Court Transcript — file page 11, lines 42-44 — Transcript, file page 11, lines 42-44
- Official Supreme Court Transcript — file page 12, lines 30-40 — Transcript, file page 12, lines 30-40
- Official Supreme Court Transcript — file page 3, lines 20-24 — Transcript, file page 3, lines 20-24
- Official Supreme Court Transcript — file page 3, lines 8-18 — Transcript, file page 3, lines 8-18
- Official Supreme Court Transcript — file page 30, lines 14-26 — Transcript, file page 30, lines 14-26
- Official Supreme Court Transcript — file page 4, lines 32-34 — Transcript, file page 4, lines 32-34
- Official Supreme Court Transcript — file page 55, lines 36-42 — Transcript, file page 55, lines 36-42
- Official Supreme Court Transcript — file page 57, lines 52-28 — Transcript, file page 57, lines 52-28
- Official Supreme Court Transcript — file page 6, lines 16-22 — Transcript, file page 6, lines 16-22
- Official Supreme Court Transcript — file page 6, lines 28-28 — Transcript, file page 6, lines 28-28
- Official Supreme Court Transcript — file page 60, lines 30-32 — Transcript, file page 60, lines 30-32
- Official Supreme Court Transcript — file page 7, lines 28-30 — Transcript, file page 7, lines 28-30
- Official Supreme Court Transcript — file page 8, lines 36-40 — Transcript, file page 8, lines 36-40
- Official Supreme Court Transcript — file page 8, lines 44-1 — Transcript, file page 8, lines 44-1
- Official Supreme Court Transcript — file page 9, lines 20-22 — Transcript, file page 9, lines 20-22
- Official Supreme Court Transcript — file page 9, lines 30-42 — Transcript, file page 9, lines 30-42
A citizen's guide to the whole case
What this case is about
The case tests whether the three-year repose limit in the Securities Act pauses during a class action. the sides that brought the case say it pauses. the opposing sides say it does not.
Official sources for this section
- Official Supreme Court Transcript — file page 3, lines 20-24 — Transcript, file page 3, lines 20-24
- Official Supreme Court Transcript — file page 30, lines 14-26 — Transcript, file page 30, lines 14-26
- Official Supreme Court Transcript — file page 55, lines 36-42 — Transcript, file page 55, lines 36-42
- Official Supreme Court Transcript — file page 57, lines 52-28 — Transcript, file page 57, lines 52-28
How the case got here
The Supreme Court heard oral argument in this case on April 17, 2017.
Official sources for this section
- Official Supreme Court Transcript — file page 3, lines 8-18 — Transcript, file page 3, lines 8-18
- Official Supreme Court Transcript — file page 60, lines 30-32 — Transcript, file page 60, lines 30-32
What each side wants
the sides that brought the case want the repose limit to pause during class actions.
the opposing sides want the repose limit to run continuously.
Official sources for this section
- Official Supreme Court Transcript — file page 3, lines 20-24 — Transcript, file page 3, lines 20-24
- Official Supreme Court Transcript — file page 30, lines 14-26 — Transcript, file page 30, lines 14-26
- Official Supreme Court Transcript — file page 55, lines 36-42 — Transcript, file page 55, lines 36-42
- Official Supreme Court Transcript — file page 57, lines 52-28 — Transcript, file page 57, lines 52-28
What each side says
the sides that brought the case argue American Pipe tolling applies to both time limits.
the opposing sides argue the three-year limit is a strict repose statute.
Official sources for this section
- Official Supreme Court Transcript — file page 3, lines 20-24 — Transcript, file page 3, lines 20-24
- Official Supreme Court Transcript — file page 30, lines 14-26 — Transcript, file page 30, lines 14-26
- Official Supreme Court Transcript — file page 55, lines 36-42 — Transcript, file page 55, lines 36-42
- Official Supreme Court Transcript — file page 57, lines 52-28 — Transcript, file page 57, lines 52-28
What the justices asked
Chief Justice Roberts asked if suits require a price drop.
Justice Kagan asked if the distinction is practical or formal.
Official sources for this section
- Official Supreme Court Transcript — file page 10, lines 28-16 — Transcript, file page 10, lines 28-16
- Official Supreme Court Transcript — file page 11, lines 18-38 — Transcript, file page 11, lines 18-38
- Official Supreme Court Transcript — file page 11, lines 42-44 — Transcript, file page 11, lines 42-44
- Official Supreme Court Transcript — file page 12, lines 30-40 — Transcript, file page 12, lines 30-40
- Official Supreme Court Transcript — file page 4, lines 32-34 — Transcript, file page 4, lines 32-34
- Official Supreme Court Transcript — file page 6, lines 16-22 — Transcript, file page 6, lines 16-22
- Official Supreme Court Transcript — file page 6, lines 28-28 — Transcript, file page 6, lines 28-28
- Official Supreme Court Transcript — file page 60, lines 30-32 — Transcript, file page 60, lines 30-32
- Official Supreme Court Transcript — file page 7, lines 28-30 — Transcript, file page 7, lines 28-30
- Official Supreme Court Transcript — file page 8, lines 36-40 — Transcript, file page 8, lines 36-40
- Official Supreme Court Transcript — file page 8, lines 44-1 — Transcript, file page 8, lines 44-1
- Official Supreme Court Transcript — file page 9, lines 20-22 — Transcript, file page 9, lines 20-22
- Official Supreme Court Transcript — file page 9, lines 30-42 — Transcript, file page 9, lines 30-42
Why it matters
Investors lose claims if the repose limit never pauses. Issuers gain finality if the limit runs continuously.
Official sources for this section
- Official Supreme Court Transcript — file page 3, lines 20-24 — Transcript, file page 3, lines 20-24
- Official Supreme Court Transcript — file page 30, lines 14-26 — Transcript, file page 30, lines 14-26
- Official Supreme Court Transcript — file page 55, lines 36-42 — Transcript, file page 55, lines 36-42
- Official Supreme Court Transcript — file page 57, lines 52-28 — Transcript, file page 57, lines 52-28
What happens next
This article currently covers the argument record. Use the official docket link for later case activity.
Official sources for this section
- Official Supreme Court Transcript — file page 10, lines 28-16 — Transcript, file page 10, lines 28-16
- Official Supreme Court Transcript — file page 11, lines 18-38 — Transcript, file page 11, lines 18-38
- Official Supreme Court Transcript — file page 11, lines 42-44 — Transcript, file page 11, lines 42-44
- Official Supreme Court Transcript — file page 12, lines 30-40 — Transcript, file page 12, lines 30-40
- Official Supreme Court Transcript — file page 3, lines 8-18 — Transcript, file page 3, lines 8-18
- Official Supreme Court Transcript — file page 4, lines 32-34 — Transcript, file page 4, lines 32-34
- Official Supreme Court Transcript — file page 6, lines 16-22 — Transcript, file page 6, lines 16-22
- Official Supreme Court Transcript — file page 6, lines 28-28 — Transcript, file page 6, lines 28-28
- Official Supreme Court Transcript — file page 60, lines 30-32 — Transcript, file page 60, lines 30-32
- Official Supreme Court Transcript — file page 7, lines 28-30 — Transcript, file page 7, lines 28-30
- Official Supreme Court Transcript — file page 8, lines 36-40 — Transcript, file page 8, lines 36-40
- Official Supreme Court Transcript — file page 8, lines 44-1 — Transcript, file page 8, lines 44-1
- Official Supreme Court Transcript — file page 9, lines 20-22 — Transcript, file page 9, lines 20-22
- Official Supreme Court Transcript — file page 9, lines 30-42 — Transcript, file page 9, lines 30-42
Official Court provenance
Official docket and case history · Official Supreme Court oral-argument detail page
Title and summary sources
- Official Supreme Court Transcript — file page 3, lines 20-24 — Transcript, file page 3, lines 20-24
- Official Supreme Court Transcript — file page 30, lines 14-26 — Transcript, file page 30, lines 14-26
- Official Supreme Court Transcript — file page 55, lines 36-42 — Transcript, file page 55, lines 36-42
- Official Supreme Court Transcript — file page 57, lines 52-28 — Transcript, file page 57, lines 52-28
- Official Supreme Court Transcript — file page 3, lines 20-24 — Transcript, file page 3, lines 20-24
- Official Supreme Court Transcript — file page 30, lines 14-26 — Transcript, file page 30, lines 14-26
- Official Supreme Court Transcript — file page 55, lines 36-42 — Transcript, file page 55, lines 36-42
- Official Supreme Court Transcript — file page 57, lines 52-28 — Transcript, file page 57, lines 52-28
Revision history
- Revision 1 · Official Transcript ·
Correction: Rewritten to the concise citizen-facing editorial standard.
- Revision 2 · Official Transcript ·
Correction: Migrated to the dated official Court activity contract without model use.