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Lorenzo v. Securities and Exchange Commission

Docket No.	Op. Below	Argument	Opinion	Vote	Author	Term
17-1077	D.C. Cir.	Dec 3, 2018 Tr.Aud.	Mar 27, 2019	6-2	Breyer	OT 2018

Holding: Dissemination of false or misleading statements with intent to defraud can fall within the scope of Securities and Exchange Commission Rules 10b–5(a) and (c), as well as the relevant statutory provisions, even if the disseminator cannot be held liable under Rule 10b–5(b).

Judgment: Affirmed, 6-2, in an opinion by Justice Breyer on March 27, 2019. Justice Thomas filed a dissenting opinion, in which Justice Gorsuch joined. Justice Kavanaugh took no part in the consideration or decision of the case.

SCOTUSblog Coverage

Opinion analysis: Justices uphold securities liability for distributing false statements (Ronald Mann)
Argument analysis: Justices appear divided in debate over anti-fraud securities rules (Ronald Mann)
Argument preview: Court once again to examine anti-fraud rules of securities law (Ronald Mann)
Five new grants, one CVSG, but no Arlene’s Flowers (Amy Howe)
Petition of the day (Aurora Barnes)

Date	Proceedings and Orders (key to color coding)
Dec 15 2017	Application (17A657) to extend the time to file a petition for a writ of certiorari from December 28, 2017 to January 26, 2018, submitted to The Chief Justice.
Dec 19 2017	Application (17A657) granted by The Chief Justice extending the time to file until January 26, 2018.
Jan 26 2018	Petition for a writ of certiorari filed. (Response due March 2, 2018)
Feb 23 2018	Motion to extend the time to file a response from March 2, 2018 to April 2, 2018, submitted to The Clerk.
Feb 27 2018	Motion to extend the time to file a response is granted and the time is extended to and including April 2, 2018.
Mar 26 2018	Motion to extend the time to file a response from April 2, 2018 to May 2, 2018, submitted to The Clerk.
Mar 28 2018	Motion to extend the time to file a response is granted and the time is further extended to and including May 2, 2018.
May 02 2018	Brief of respondent Securities and Exchange Commission in opposition filed.
May 22 2018	DISTRIBUTED for Conference of 6/7/2018.
May 23 2018	Reply of petitioner Francis V. Lorenzo filed. (Distributed)
Jun 11 2018	DISTRIBUTED for Conference of 6/14/2018.
Jun 18 2018	Petition GRANTED.
Jul 31 2018	Motion for an extension of time to file the opening briefs on the merits filed.
Jul 31 2018	Motion to extend the time to file the opening briefs on the merits granted. The time to file the joint appendix and petitioner's brief on the merits is extended to and including August 20, 2018. The time to file respondent's brief on the merits is extended to and including October 5, 2018.
Aug 20 2018	Joint appendix filed. (Statement of costs filed.)
Aug 20 2018	Brief of petitioner Francis V. Lorenzo filed.
Aug 27 2018	Brief amici curiae of Securities Industry and Financial Markets Association and Chamber of Commerce of the United States of America filed.
Aug 27 2018	Amicus brief of Securities Law Professors not accepted for filing. (Duplicate submission - September 10, 2018)
Aug 27 2018	Brief amici curiae of Securities Law Professors filed.
Oct 05 2018	Brief of respondent Securities and Exchange Commission filed.
Oct 05 2018	Motion to argue pro hac vice filed by respondent Securities and Exchange Commission.
Oct 09 2018	SET FOR ARGUMENT on Monday, December 3, 2018
Oct 12 2018	Brief amicus curiae of The North American Securities Administrators Association, Inc. filed.
Oct 15 2018	Record received from the U.S.C.A. District of Columbia Circuit.
Oct 19 2018	CIRCULATED
Oct 19 2018	Justice Kavanaugh is recused in this case.
Oct 26 2018	Motion to argue pro hac vice filed by respondent GRANTED. Justice Kavanaugh took no part in the consideration or decision of this motion.
Nov 01 2018	Reply of petitioner Francis V. Lorenzo filed. (Distributed)
Dec 03 2018	Argued. For petitioner: Robert Heim, New York, N. Y.; For respondent: Christopher G. Michel, Assistant to the Solicitor General, Department of Justice, Washington, D. C. (pro hac vice.)
Mar 27 2019	Adjudged to be AFFIRMED. Breyer, J., delivered the opinion of the Court, in which Roberts, C. J., and Ginsburg, Alito, Sotomayor, and Kagan, JJ., joined. Thomas, J., filed a dissenting opinion, in which Gorsuch, J., joined. Kavanaugh, J., took no part in the consideration or decision of the case.

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The Supreme Court released orders from the April 18 conference on Monday; the justices agreed to decide Bostock v. Clayton County, Georgia, consolidated with Altitude Express Inc. v. Zarda, R.G. & G.R. Harris Funeral Homes Inc. v. Equal Employment Opportunity Commission, CITGO Asphalt Refining Co. v. Frescati Shipping Co., Ltd., and Barton v. Barr. The justices also called for the views of the U.S. solicitor general in Putnam Investments, LLC v. Brotherston.
On Tuesday, the justices dismissed Emulex Corp. v. Varjabedian as improvidently granted.
On Wednesday, the justices released their opinion in Lamps Plus Inc. v. Varela.
On Monday, the justices heard oral argument in Food Marketing Institute v. Argus Leader Media and Fort Bend County, Texas v. Davis.
On Tuesday morning, the justices heard oral argument in Department of Commerce v. New York. On Tuesday afternoon, they heard argument in Mitchell v. Wisconsin and Rehaif v. United States.
On Wednesday, the justices heard oral argument in Quarles v. United States and Taggart v. Lorenzen.
On Friday, the justices meet for their April 26 conference; John Elwood compiles the petitions relisted for this conference.
Major Cases
- Department of Commerce v. New York
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- Lamone v. Benisek
  In case in which the plaintiffs allege that a Maryland congressional district was gerrymandered to retaliate against them for their political views: (1) whether the various legal claims articulated by the three-judge district court are unmanageable; (2) whether the three-judge district court erred when, in granting plaintiffs’ motion for summary judgment, it resolved disputes of material fact as to multiple elements of plaintiffs’ claims, failed to view the evidence in the light most favorable to the non-moving party, and treated as “undisputed” evidence that is the subject of still-unresolved hearsay and other evidentiary objections; and (3) whether the three-judge district court abused its discretion in entering an injunction despite the plaintiffs’ years-long delay in seeking injunctive relief, rendering the remedy applicable to at most one election before the next decennial census necessitates another redistricting.
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  Whether the Supreme Court should overrule Auer v. Robbins and Bowles v. Seminole Rock & Sand Co., which direct courts to defer to an agency’s reasonable interpretation of its own ambiguous regulation.
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  (1) Whether plaintiffs have standing to press their partisan gerrymandering claims; (2) whether plaintiffs’ partisan gerrymandering claims are justiciable; and (3) whether North Carolina’s 2016 congressional map is, in fact, an unconstitutional partisan gerrymander.
- The American Legion v. American Humanist Association
  (1) Whether a 93-year-old memorial to the fallen of World War I is unconstitutional merely because it is shaped like a cross; (2) whether the constitutionality of a passive display incorporating religious symbolism should be assessed under the tests articulated in Lemon v. Kurtzman, Van Orden v. Perry, Town of Greece v. Galloway or some other test; and (3) whether, if the test from Lemon v. Kurtzman applies, the expenditure of funds for the routine upkeep and maintenance of a cross-shaped war memorial, without more, amounts to an excessive entanglement with religion in violation of the First Amendment.
- Gamble v. United States
  Whether the Supreme Court should overrule the “separate sovereigns” exception to the double jeopardy clause.
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Current Relists
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- Dahne v. Richey Whether prison inmates have a First Amendment right to include threatening, abusive and irrelevant language in grievances.
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Cases argued 70

Cases decided 32

Summary reversals 4

Merits cases granted to date 73

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14	15 Orders IANCU V. BRUNETTI (18-302) EMULEX CORP. V. VARJABEDIAN (18-459)	16 PARKER DRILLING MANAGEMENT SERVICES V. NEWTON (18-389) NORTH CAROLINA DEPARTMENT OF REVENUE V. KAESTNER FAMILY TRUST (18-457)	17 UNITED STATES V. DAVIS (18-431) MCDONOUGH V. SMITH (18-485)	18 Conference	19	20
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Cases argued	70
Cases decided	32
Summary reversals	4
Merits cases granted to date	73

Lorenzo v. Securities and Exchange Commission

SCOTUSblog Coverage

Featured Posts

Justices allow Texas execution to go forward – Amy Howe

Reschedule Watch Returns – John Elwood

Argument analysis: Court leaning toward requiring the government to prove that a felon in possession knew he was a felon – Evan Lee

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