|Docket No.||Op. Below||Argument||Opinion||Vote||Author||Term|
|13-435||6th Cir.||Nov 3, 2014||Mar 24, 2015||9-0||Kagan||OT 2014|
Disclosure: Goldstein & Russell, P.C., whose attorneys contribute to this blog in various capacities, is among the counsel to the respondents in this case.
Holding: For purposes of Section 11 of the Securities Act of 1933, which allows a purchaser of securities to sue an issuer of a registration statement if the registration statement either “contain[s] an untrue statement of a material fact” or “omit[s] to state a material fact . . . necessary to make the statements therein not misleading,” a statement of opinion does not constitute an “untrue statement of fact” simply because the stated opinion ultimately proves incorrect. And if a registration statement omits material facts about the issuer’s inquiry into, or knowledge concerning, a statement of opinion, and if those facts conflict with what a reasonable investor, reading the statement fairly and in context, would take from the statement itself, then Section 11’s omissions clause creates liability.
Judgment: Vacated and remanded, 9-0, in an opinion by Justice Kagan on March 24, 2015. Justice Scalia filed an opinion concurring in part and concurring in the judgment. Justice Thomas filed an opinion concurring in the judgment.
|Date||Proceedings and Orders |
|Oct 4 2013||Petition for a writ of certiorari filed. (Response due November 7, 2013)|
|Nov 4 2013||Waiver of right of respondents Laborers District Council Construction Industry Pension Fund, et al. to respond filed.|
|Nov 20 2013||DISTRIBUTED for Conference of December 6, 2013.|
|Nov 21 2013||Response Requested . (Due December 23, 2013)|
|Dec 16 2013||Order extending time to file response to petition to and including January 9, 2014.|
|Jan 9 2014||Brief of respondents Laborers District Council Construction Industry Pension Fund, et al. in opposition filed.|
|Jan 28 2014||Reply of petitioners Omnicare, Inc., et al. filed.|
|Jan 29 2014||DISTRIBUTED for Conference of February 21, 2014.|
|Feb 24 2014||DISTRIBUTED for Conference of February 28, 2014.|
|Mar 3 2014||Petition GRANTED.|
|Mar 28 2014||Consent to the filing of amicus curiae briefs, in support of either party or of neither party, received from counsel for the petitioners.|
|Mar 28 2014||Consent to the filing of amicus curiae briefs, in support of either party or of neither party, received from counsel for the respondents.|
|Mar 31 2014||The time to file the joint appendix and petitioner's brief on the merits is extended to and including June 5, 2014.|
|Mar 31 2014||The time to file respondent's brief on the merits is extended to and including August 25, 2014.|
|Jun 5 2014||Joint appendix filed. (Statement of costs filed)|
|Jun 5 2014||Brief of petitioners Omnicare, Inc., et al. filed.|
|Jun 12 2014||Brief amici curiae of Chamber of Commerce of the United States of America and Business Roundtable filed.|
|Jun 12 2014||Brief amicus curiae of the United States filed.|
|Jun 12 2014||Brief amicus curiae of Washington Legal Foundation filed.|
|Jun 12 2014||Brief amicus curiae of Securities Industry and Financial Markets Association filed.|
|Jun 12 2014||Brief amicus curiae of Center for Audit Quality filed.|
|Aug 25 2014||Brief of respondents Laborers District Council Construction Industry Pension Fund, et al. filed.|
|Aug 28 2014||Brief amicus curiae of Occupy the SEC filed.|
|Aug 29 2014||Brief amicus curiae of AARP filed.|
|Aug 29 2014||Motion of the Solicitor General for leave to participate in oral argument as amicus curiae and for divided argument filed.|
|Sep 2 2014||Brief amici curiae of Common Law Scholars filed.|
|Sep 2 2014||Brief amici curiae of Wyoming Retirement System, et al. filed.|
|Sep 2 2014||Brief amicus curiae of Public Citizen, Inc. filed.|
|Sep 2 2014||Brief amici curiae of Professors at Law and Business Schools filed.|
|Sep 2 2014||Brief amici curiae of Institutional Investors filed.|
|Sep 2 2014||Response of petitioners' to motion of the Solicitor General for leave to participate in oral argument as amicus curiae and for divided argument.|
|Sep 4 2014||SET FOR ARGUMENT on Monday, November 3, 2014.|
|Sep 8 2014||Record requested from U.S.C.A. for 6th Circuit.|
|Sep 15 2014||Record received from U.S.C.A. 6th Circuit, this record is electronic.|
|Sep 16 2014||Record received from U.S.D.C. Eastern District of Kentucky. This record is electronic and located on PACER.|
|Sep 19 2014||CIRCULATED|
|Sep 24 2014||Reply of petitioners Omnicare, Inc., et al. filed. (Distributed)|
|Oct 2 2014||Motion of the Solicitor General for leave to participate in oral argument as amicus curiae and for divided argument GRANTED. The time is to be divided as follows: 30 minutes for the petitioners, 20 minutes for the respondents, and 10 minutes for the Solicitor General.|
|Nov 3 2014||Argued. For petitioners: Kannon K. Shanmugam, Washington, D. C. For respondents: Thomas C. Goldstein, Bethesda, Md.; and Nicole A. Saharsky, Assistant to the Solicitor General, Department of Justice, Washington, D. C. (for United States, as amicus curiae.)|
|Mar 24 2015||Judgment VACATED and case REMANDED. Kagan, J., delivered the opinion of the Court, in which Roberts, C. J., and Kennedy, Ginsburg, Breyer, Alito, and Sotomayor, JJ., joined. Scalia, J., filed an opinion concurring in part and concurring in the judgment. Thomas, J., filed an opinion concurring in the judgment.|
|Apr 27 2015||JUDGMENT ISSUED|
A surprising stat at this point in the term: Both Kagan and Breyer have been in the majority slightly more often than Alito.
Kavanaugh continues to have the highest rate (as he has for most of the term). Sotomayor has the lowest.
Still 15 cases left. So this could all change.
The first two pieces in our symposium on yesterday's decision in Fulton v. Philadelphia are up. First, @JimOleske dissects the decision in light of the court's shadow-docket ruling in Tandon v. Newsom, which took a very different approach to free exercise.
Fulton quiets Tandon’s thunder: A free exercise puzzle - SCOTUSblog
This article is the first entry in a symposium on the court’s decision in Fulton v. City of Philadelphia. ...
Number of pages written by each justice in the five decisions handed down this week (majority opinions, concurrences, and dissents all included):
While today's decision in Fulton v. Philadelphia is a win for a Catholic group seeking to participate in the city's foster program, it stops short of the broad endorsement of religious freedom the challengers had hoped for. Here's @AHoweBlogger's analysis:
Court holds that city’s refusal to make referrals to faith-based agency violates Constitution - SCOTUSblog
In a clash between religious freedom and public policies that protect LGBTQ people, the Supreme Court ruled Thursday...
Now do we say that Sonia Sotomayor and the other liberals supported child slavery by all voting for Nestle today? Of course not. And Nestle’s lawyers like @Neal_katyal obviously don’t either. The cheap attacks on the court and thoughtful lawyers did not age well. -tg
The claim @nealkatyal was defending slavery is flat wrong & libelous. Here is what he actually said, which is the reverse: child slavery is abhorrent, criminal, horrific. Remember in a pending case he can't comment, so read what he really said in full.
Tired from this morning's momentous opinions? Get ready to do it all again next week -- three times. The court just revealed that next Monday, Wednesday and Friday will all be opinion days.
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