October Term 2020 · Docket 20-222
Can generic statements defeat a securities fraud class action?
The dispute centers on whether generic statements can defeat a securities fraud class action.
Verified source milestones
- — An official oral-argument transcript was verified.
- — An official oral-argument transcript was verified.
- — An official Court opinion 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
Goldman Sachs argues the lower court erred in certifying the class.
Arkansas Teacher Retirement System argues the lower court correctly certified the class.
questions_asked_by_justices
Read the official transcript for this argument · Official argument details
Sources used for this argument breakdown
- Official Supreme Court Transcript — file page 10, lines 51-7 — Transcript, file page 10, lines 51-7
- Official Supreme Court Transcript — file page 12, lines 15-29 — Transcript, file page 12, lines 15-29
- Official Supreme Court Transcript — file page 12, lines 55-33 — Transcript, file page 12, lines 55-33
- Official Supreme Court Transcript — file page 13, lines 37-39 — Transcript, file page 13, lines 37-39
- Official Supreme Court Transcript — file page 13, lines 43-45 — Transcript, file page 13, lines 43-45
- Official Supreme Court Transcript — file page 14, lines 33-41 — Transcript, file page 14, lines 33-41
- Official Supreme Court Transcript — file page 14, lines 49-15 — Transcript, file page 14, lines 49-15
- Official Supreme Court Transcript — file page 15, lines 21-23 — Transcript, file page 15, lines 21-23
- Official Supreme Court Transcript — file page 36, lines 25-33 — Transcript, file page 36, lines 25-33
- Official Supreme Court Transcript — file page 5, lines 11-23 — Transcript, file page 5, lines 11-23
- Official Supreme Court Transcript — file page 5, lines 25-27 — Transcript, file page 5, lines 25-27
- Official Supreme Court Transcript — file page 59, lines 55-13 — Transcript, file page 59, lines 55-13
- Official Supreme Court Transcript — file page 67, lines 17-27 — Transcript, file page 67, lines 17-27
- Official Supreme Court Transcript — file page 68, lines 29-51 — Transcript, file page 68, lines 29-51
- Official Supreme Court Transcript — file page 69, lines 41-55 — Transcript, file page 69, lines 41-55
- Official Supreme Court Transcript — file page 7, lines 29-45 — Transcript, file page 7, lines 29-45
- Official Supreme Court Transcript — file page 70, lines 15-15 — Transcript, file page 70, lines 15-15
- Official Supreme Court Transcript — file page 70, lines 9-11 — Transcript, file page 70, lines 9-11
- Official Supreme Court Transcript — file page 71, lines 25-33 — Transcript, file page 71, lines 25-33
- Official Supreme Court Transcript — file page 71, lines 39-41 — Transcript, file page 71, lines 39-41
- Official Supreme Court Transcript — file page 72, lines 49-21 — Transcript, file page 72, lines 49-21
- Official Supreme Court Transcript — file page 74, lines 41-25 — Transcript, file page 74, lines 41-25
- Official Supreme Court Transcript — file page 76, lines 31-49 — Transcript, file page 76, lines 31-49
- Official Supreme Court Transcript — file page 78, lines 15-17 — Transcript, file page 78, lines 15-17
- Official Supreme Court Transcript — file page 78, lines 21-25 — Transcript, file page 78, lines 21-25
- Official Supreme Court Transcript — file page 78, lines 45-45 — Transcript, file page 78, lines 45-45
- Official Supreme Court Transcript — file page 8, lines 25-31 — Transcript, file page 8, lines 25-31
- Official Supreme Court Transcript — file page 8, lines 47-13 — Transcript, file page 8, lines 47-13
- Official Supreme Court Transcript — file page 89, lines 35-41 — Transcript, file page 89, lines 35-41
- Official Supreme Court Transcript — file page 9, lines 47-15 — Transcript, file page 9, lines 47-15
A citizen's guide to the whole case
What this case is about
This case involves a securities class action. The lower court certified the class. The parties dispute the legal standard for price impact.
Official sources for this section
- Official Supreme Court Transcript — file page 36, lines 25-33 — Transcript, file page 36, lines 25-33
- Official Supreme Court Transcript — file page 5, lines 25-27 — Transcript, file page 5, lines 25-27
- Official Supreme Court Transcript — file page 59, lines 55-13 — Transcript, file page 59, lines 55-13
- Official Supreme Court Transcript — file page 67, lines 17-27 — Transcript, file page 67, lines 17-27
- Official Supreme Court Transcript — file page 89, lines 35-41 — Transcript, file page 89, lines 35-41
How the case got here
The Supreme Court heard oral argument in this case on March 29, 2021.
Official sources for this section
- Official Supreme Court Transcript — file page 5, lines 11-23 — Transcript, file page 5, lines 11-23
- Official Supreme Court Transcript — file page 69, lines 41-55 — Transcript, file page 69, lines 41-55
What each side wants
Goldman Sachs wants the Court to reverse the class certification.
Arkansas Teacher Retirement System wants the Court to affirm the class certification.
Official sources for this section
- Official Supreme Court Transcript — file page 36, lines 25-33 — Transcript, file page 36, lines 25-33
- Official Supreme Court Transcript — file page 5, lines 25-27 — Transcript, file page 5, lines 25-27
- Official Supreme Court Transcript — file page 59, lines 55-13 — Transcript, file page 59, lines 55-13
- Official Supreme Court Transcript — file page 67, lines 17-27 — Transcript, file page 67, lines 17-27
- Official Supreme Court Transcript — file page 89, lines 35-41 — Transcript, file page 89, lines 35-41
What each side says
Goldman Sachs argues generic statements show no price impact.
Arkansas Teacher Retirement System argues generic statements do not preclude price impact.
Official sources for this section
- Official Supreme Court Transcript — file page 36, lines 25-33 — Transcript, file page 36, lines 25-33
- Official Supreme Court Transcript — file page 5, lines 25-27 — Transcript, file page 5, lines 25-27
- Official Supreme Court Transcript — file page 59, lines 55-13 — Transcript, file page 59, lines 55-13
- Official Supreme Court Transcript — file page 67, lines 17-27 — Transcript, file page 67, lines 17-27
- Official Supreme Court Transcript — file page 89, lines 35-41 — Transcript, file page 89, lines 35-41
What the justices asked
Justice Breyer asked what the specific legal issue is.
Chief Justice Roberts asked if expert testimony is required or optional.
Official sources for this section
- Official Supreme Court Transcript — file page 10, lines 51-7 — Transcript, file page 10, lines 51-7
- Official Supreme Court Transcript — file page 12, lines 15-29 — Transcript, file page 12, lines 15-29
- Official Supreme Court Transcript — file page 12, lines 55-33 — Transcript, file page 12, lines 55-33
- Official Supreme Court Transcript — file page 13, lines 37-39 — Transcript, file page 13, lines 37-39
- Official Supreme Court Transcript — file page 13, lines 43-45 — Transcript, file page 13, lines 43-45
- Official Supreme Court Transcript — file page 14, lines 33-41 — Transcript, file page 14, lines 33-41
- Official Supreme Court Transcript — file page 14, lines 49-15 — Transcript, file page 14, lines 49-15
- Official Supreme Court Transcript — file page 15, lines 21-23 — Transcript, file page 15, lines 21-23
- Official Supreme Court Transcript — file page 68, lines 29-51 — Transcript, file page 68, lines 29-51
- Official Supreme Court Transcript — file page 69, lines 41-55 — Transcript, file page 69, lines 41-55
- Official Supreme Court Transcript — file page 7, lines 29-45 — Transcript, file page 7, lines 29-45
- Official Supreme Court Transcript — file page 70, lines 15-15 — Transcript, file page 70, lines 15-15
- Official Supreme Court Transcript — file page 70, lines 9-11 — Transcript, file page 70, lines 9-11
- Official Supreme Court Transcript — file page 71, lines 25-33 — Transcript, file page 71, lines 25-33
- Official Supreme Court Transcript — file page 71, lines 39-41 — Transcript, file page 71, lines 39-41
- Official Supreme Court Transcript — file page 72, lines 49-21 — Transcript, file page 72, lines 49-21
- Official Supreme Court Transcript — file page 74, lines 41-25 — Transcript, file page 74, lines 41-25
- Official Supreme Court Transcript — file page 76, lines 31-49 — Transcript, file page 76, lines 31-49
- Official Supreme Court Transcript — file page 78, lines 15-17 — Transcript, file page 78, lines 15-17
- Official Supreme Court Transcript — file page 78, lines 21-25 — Transcript, file page 78, lines 21-25
- Official Supreme Court Transcript — file page 78, lines 45-45 — Transcript, file page 78, lines 45-45
- Official Supreme Court Transcript — file page 8, lines 25-31 — Transcript, file page 8, lines 25-31
- Official Supreme Court Transcript — file page 8, lines 47-13 — Transcript, file page 8, lines 47-13
- Official Supreme Court Transcript — file page 9, lines 47-15 — Transcript, file page 9, lines 47-15
Why it matters
This case defines how courts evaluate generic statements in fraud claims. It determines the burden of proof for class certification. It affects the viability of securities class actions nationwide.
Official sources for this section
- Official Supreme Court Transcript — file page 36, lines 25-33 — Transcript, file page 36, lines 25-33
- Official Supreme Court Transcript — file page 5, lines 25-27 — Transcript, file page 5, lines 25-27
- Official Supreme Court Transcript — file page 59, lines 55-13 — Transcript, file page 59, lines 55-13
- Official Supreme Court Transcript — file page 67, lines 17-27 — Transcript, file page 67, lines 17-27
- Official Supreme Court Transcript — file page 89, lines 35-41 — Transcript, file page 89, lines 35-41
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 51-7 — Transcript, file page 10, lines 51-7
- Official Supreme Court Transcript — file page 12, lines 15-29 — Transcript, file page 12, lines 15-29
- Official Supreme Court Transcript — file page 12, lines 55-33 — Transcript, file page 12, lines 55-33
- Official Supreme Court Transcript — file page 13, lines 37-39 — Transcript, file page 13, lines 37-39
- Official Supreme Court Transcript — file page 13, lines 43-45 — Transcript, file page 13, lines 43-45
- Official Supreme Court Transcript — file page 14, lines 33-41 — Transcript, file page 14, lines 33-41
- Official Supreme Court Transcript — file page 14, lines 49-15 — Transcript, file page 14, lines 49-15
- Official Supreme Court Transcript — file page 15, lines 21-23 — Transcript, file page 15, lines 21-23
- Official Supreme Court Transcript — file page 5, lines 11-23 — Transcript, file page 5, lines 11-23
- Official Supreme Court Transcript — file page 68, lines 29-51 — Transcript, file page 68, lines 29-51
- Official Supreme Court Transcript — file page 69, lines 41-55 — Transcript, file page 69, lines 41-55
- Official Supreme Court Transcript — file page 7, lines 29-45 — Transcript, file page 7, lines 29-45
- Official Supreme Court Transcript — file page 70, lines 15-15 — Transcript, file page 70, lines 15-15
- Official Supreme Court Transcript — file page 70, lines 9-11 — Transcript, file page 70, lines 9-11
- Official Supreme Court Transcript — file page 71, lines 25-33 — Transcript, file page 71, lines 25-33
- Official Supreme Court Transcript — file page 71, lines 39-41 — Transcript, file page 71, lines 39-41
- Official Supreme Court Transcript — file page 72, lines 49-21 — Transcript, file page 72, lines 49-21
- Official Supreme Court Transcript — file page 74, lines 41-25 — Transcript, file page 74, lines 41-25
- Official Supreme Court Transcript — file page 76, lines 31-49 — Transcript, file page 76, lines 31-49
- Official Supreme Court Transcript — file page 78, lines 15-17 — Transcript, file page 78, lines 15-17
- Official Supreme Court Transcript — file page 78, lines 21-25 — Transcript, file page 78, lines 21-25
- Official Supreme Court Transcript — file page 78, lines 45-45 — Transcript, file page 78, lines 45-45
- Official Supreme Court Transcript — file page 8, lines 25-31 — Transcript, file page 8, lines 25-31
- Official Supreme Court Transcript — file page 8, lines 47-13 — Transcript, file page 8, lines 47-13
- Official Supreme Court Transcript — file page 9, lines 47-15 — Transcript, file page 9, lines 47-15
Official Court provenance
Official docket and case history · Official Supreme Court oral-argument detail page
Verified official opinions and orders
Title and summary sources
- Official Supreme Court Transcript — file page 36, lines 25-33 — Transcript, file page 36, lines 25-33
- Official Supreme Court Transcript — file page 5, lines 25-27 — Transcript, file page 5, lines 25-27
- Official Supreme Court Transcript — file page 59, lines 55-13 — Transcript, file page 59, lines 55-13
- Official Supreme Court Transcript — file page 67, lines 17-27 — Transcript, file page 67, lines 17-27
- Official Supreme Court Transcript — file page 89, lines 35-41 — Transcript, file page 89, lines 35-41
- Official Supreme Court Transcript — file page 36, lines 25-33 — Transcript, file page 36, lines 25-33
- Official Supreme Court Transcript — file page 5, lines 25-27 — Transcript, file page 5, lines 25-27
- Official Supreme Court Transcript — file page 59, lines 55-13 — Transcript, file page 59, lines 55-13
- Official Supreme Court Transcript — file page 67, lines 17-27 — Transcript, file page 67, lines 17-27
- Official Supreme Court Transcript — file page 89, lines 35-41 — Transcript, file page 89, lines 35-41
Revision history
- Revision 1 · Post Opinion ·
Correction: Rewritten to the concise citizen-facing editorial standard.
- Revision 2 · Post Opinion ·
Correction: Migrated to the dated official Court activity contract without model use.