Lorenzo v. Securities and Exchange Commission

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Lorenzo v. Securities and Exchange Commission

Interim Stat Pack for October Term 2018 – Adam Feldman

Justices release financial disclosures – Amy Howe

Challengers ask justices to put off census decision – Amy Howe

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Conference of June 13, 2019

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.

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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Interim Stat Pack for October Term 2018 – Adam Feldman

Justices release financial disclosures – Amy Howe

Challengers ask justices to put off census decision – Amy Howe
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The Supreme Court will release orders from the June 13 conference on Monday at 9:30 a.m.; John Elwood's "Relist Watch" compiles the petitions that were relisted for this conference.
There is a possibility of opinions on Monday at 10 a.m.
On Thursday, the justices meet for their June 20 conference.
Major Cases
- Department of Commerce v. New York
  (1) Whether the district court erred in enjoining the secretary of the Department of Commerce from reinstating a question about citizenship to the 2020 decennial census on the ground that the secretary’s decision violated the Administrative Procedure Act, 5 U.S.C. 701 et seq; (2) whether, in an action seeking to set aside agency action under the APA, a district court may order discovery outside the administrative record to probe the mental processes of the agency decisionmaker -- including by compelling the testimony of high-ranking executive branch officials -- without a strong showing that the decisionmaker disbelieved the objective reasons in the administrative record, irreversibly prejudged the issue, or acted on a legally forbidden basis; and (3) whether the secretary’s decision to add a citizenship question to the decennial census violated the enumeration clause of the U.S. Constitution.
- 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.
- Kisor v. Wilkie
  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.
- Rucho v. Common Cause
  (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.
see all this term’s cases »
Recent Decisions
- Quarles v. United States Michigan’s third-degree home-invasion statute substantially corresponds to or is narrower than generic burglary for purposes of qualifying for enhanced sentencing under the Armed Career Criminal Act.
- Parker Drilling Management Services, Ltd. v. Newton Under the Outer Continental Shelf Lands Act, when federal law addresses the relevant issue, state law is not adopted as surrogate federal law on the Outer Continental Shelf.
- Return Mail Inc. v. United States Postal Service The federal government is not a “person” capable of petitioning the Patent Trial and Appeal Board to institute patent review proceedings under the Leahy-Smith America Invents Act.
- Azar v. Allina Health Services Because the Department of Health and Human Services neglected its statutory notice-and-comment obligations when it revealed a new policy that dramatically – and retroactively – reduced Medicare payments to hospitals serving low-income patients, its policy must be vacated.
- Fort Bend County, Texas v. Davis The charge-filing precondition to suit set out in Title VII of the Civil Rights Act of 1964 is not a jurisdictional requirement.
- Mont v. United States Pretrial detention later credited as time served for a new conviction tolls a supervised-release term under 18 U.S.C. §3624(e), even if the court must make the tolling calculation after learning whether the time will be credited.
- Taggart v. Lorenzen A creditor may be held in civil contempt for violating a bankruptcy court’s discharge order if there is no fair ground of doubt as to whether the order barred the creditor’s conduct.
see all this term’s cases »
Current Relists
- Jordan v. City of Darien, Georgia Whether the existence of probable cause defeats a First Amendment retaliatory arrest claim as a matter of law.
- Klein v. Oregon Bureau of Labor and Industries (1) Whether Oregon violated the free speech and free exercise clauses of the First Amendment by compelling the Kleins to design and create a custom wedding cake to celebrate a same-sex wedding ritual in violation of their sincerely held religious beliefs; (2) whether the Supreme Court should overrule Employment Division, Department of Human Resources of Oregon v. Smith; and (3) whether the Supreme Court should reaffirm Smith’s hybrid-rights doctrine, applying strict scrutiny to free exercise claims that implicate other fundamental rights, and resolve the circuit split over the doctrine’s precedential status.
- McGee v. McFadden (1) Whether the U.S. Court of Appeals for the 4th Circuit erred when it found no constitutional error when the state failed to disclose Brady evidence, a letter from a jailhouse snitch, until the post-trial hearing for a motion for a new trial; (2) whether the state and federal courts’ decisions were contrary to Giglio v. United States, United States v. Bagley, Brady v. Maryland and Napue v. Illinois when the state failed to disclose material impeachment evidence, a letter from a jailhouse snitch who testified that petitioner confessed to him; and (3) whether the state and federal courts erred in finding that trial counsel rendered effective assistance of counsel when he failed to interview Michael Jones and call him as a witness.
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Cases argued 69

Cases decided 42

Summary reversals 5

Merits cases granted to date 73

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Cases argued	69
Cases decided	42
Summary reversals	5
Merits cases granted to date	73

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6
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10
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17
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