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Willis of Colorado Inc. v. Troice

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Docket No. Op. Below Argument Opinion Vote Author Term
12-86 5th Cir. Oct 7, 2013 Feb 26, 2014 7-2 Breyer OT 2013

Holding: The Securities Litigation Uniform Standards Act of 1988 does not preclude the plaintiffs' state-law class actions contending that the defendants assisted in perpetrating a Ponzi scheme by falsely representing that uncovered securities that plaintiffs were purchasing were backed by covered securities.

Judgment: Affirmed, 7-2, in an opinion by Justice Breyer on February 26, 2014. Justice Thomas filed a concurring opinion. Justice Kennedy filed a dissenting opinion, in which Justice Alito joined.

DateProceedings and Orders (key to color coding)
07/18/2012Petition for a writ of certiorari filed. (Response due August 22, 2012)
08/16/2012Brief of respondents James Roland, et al., and Leah Farr, et al. in opposition filed.
08/20/2012Brief of respondents Samuel Troice, et al. in opposition filed. VIDED.
08/22/2012Motion for leave to file amicus brief filed by DRI-The Voice of the Defense Bar.
08/22/2012Motion for leave to file amicus brief filed by Breazeale, Sachse & Wilson, LLP. VIDED.
09/04/2012Reply of petitioners Willis of Colorado Incorporated, et al. filed.
09/05/2012DISTRIBUTED for Conference of September 24, 2012.
10/01/2012The Solicitor General is invited to file a brief in this case expressing the views of the United States.
12/14/2012Brief amicus curiae of United States filed. VIDED.
12/24/2012Supplemental brief of respondents Samuel Troice, et al. filed. VIDED.
12/26/2012DISTRIBUTED for Conference of January 11, 2013.
12/26/2012Supplemental brief of petitioners Willis of Colorado Incorporated, et al. filed. (Distributed)
12/26/2012Supplemental brief of respondents James Roland, et al., and Leah Farr, et al. filed. (Distributed)
01/14/2013DISTRIBUTED for Conference of January 18, 2013.
01/18/2013Motion for leave to file amicus brief filed by DRI-The Voice of the Defense Bar GRANTED.
01/18/2013Motion for leave to file amicus brief filed by Breazeale, Sachse & Wilson, LLP GRANTED.
01/18/2013Petition GRANTED. The petition for a writ of certiorari in No. 12-79 is granted limited to Question 1 presented by the petition. The petition for a writ of certiorari in No. 12-88 is granted limited to Question 1 presented by the petition. The cases are consolidated and a total of one hour is allotted for oral argument. VIDED.
02/07/2013The time to file the joint appendix and petitioners' briefs on the merits is extended to and including May 3, 2013. VIDED.
02/27/2013The time to file respondents' briefs on the merits is extended to and including July 18, 2013. VIDED
04/09/2013Consent to the filing of amicus curiae briefs, in support of either party or of neither party, received from counsel for the petitioners Willis of Colorado, et al. VIDED.
04/09/2013Consent to the filing of amicus curiae briefs, in support of either party or of neither party, received from counsel for all respondents. VIDED.
05/03/2013Joint appendix filed. (2 Volumes) VIDED. (Statement of costs filed)
05/03/2013Brief of petitioners Willis of Colorado Incorporated, et al. filed.
05/10/2013Brief amicus curiae of United States filed. VIDED.
05/10/2013Brief amicus curiae of Breazeale, Sachse & Wilson, LLP filed. VIDED.
05/10/2013Brief amicus curiae of Causeway Capital Management LLC filed.
05/10/2013Brief amicus curiae of Securities Industry and Financial Markets Association filed. VIDED.
05/10/2013Brief amicus curiae of DRI-The Voice of the Defense Bar filed. VIDED.
06/12/2013Motion of the Solicitor General for leave to participate in oral argument as amicus curiae and for divided argument filed. VIDED.
07/18/2013Brief of respondents Samuel Troice, et al. filed. VIDED. (Distributed)
07/22/2013CIRCULATED. VIDED.
07/23/2013SET FOR ARGUMENT on Monday, October 7, 2013. VIDED
07/24/2013Brief amici curiae of Sixteen Law Professors filed. VIDED. (Distributed)
07/25/2013Brief amici curiae of Public Investors Arbitration Bar Association, et al. filed. (Reprinted) VIDED. (Distributed)
07/25/2013Brief amicus curiae of National Association of Bankruptcy Trustees filed. VIDED. (Distributed)
07/25/2013Brief amicus curiae of Occupy the SEC filed. VIDED. (Distributed)
08/02/2013Record from U.S.C.A. for 5th Circuit is electronic and located on PACER.
08/02/2013Record from U.S.D.C. for Northern District of Texas is electronic and located on PACER.
08/19/2013Reply of petitioners Willis of Colorado Incorporated, et al. filed. (Distributed)
08/30/2013Motion of the Solicitor General for leave to participate in oral argument as amicus curiae and for divided argument GRANTED.
10/07/2013Argued. For petitioners: Paul D. Clement, Washington, D. C.; and Elaine J. Goldenberg, Assistant to the Solicitor General, Department of Justice, Washington, D. C. (for United States, as amicus curiae.) For respondents: Thomas C. Goldstein, Bethesda, Md. VIDED.
02/26/2014Adjudged to be AFFIRMED. Breyer, J., delivered the opinion of the Court, in which Roberts, C. J., and Scalia, Thomas, Ginsburg, Sotomayor, and Kagan, JJ., joined. Thomas, J., filed a concurring opinion. Kennedy, J., filed a dissenting opinion, in which Alito, J., joined.
03/31/2014JUDGMENT ISSUED.

Disclosure: Goldstein & Russell, P.C., whose attorneys work for or contribute to this blog in various capacities, serves as counsel to the respondents in this case.

 

Issue: Whether a covered state law class action complaint that unquestionably alleges “a” misrepresentation “in connection with” the purchase or sale of a security covered by the Securities Litigation Uniform Standards Act nonetheless can escape the application of SLUSA by including other allegations that are farther removed from a covered securities transaction.