Willis of Colorado Inc. v. Troice
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 Stephen G. Breyer on Feb 26, 2014. Justice Thomas filed a concurring opinion. Justice Kennedy filed a dissenting opinion, in which Justice Alito joined.
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.
Jul 18, 2012Petition for a writ of certiorari filed. (Response due August 22, 2012)
Aug 16, 2012Brief of respondents James Roland, et al., and Leah Farr, et al. in opposition filed.
Aug 20, 2012Brief of respondents Samuel Troice, et al. in opposition filed. VIDED.Aug 22, 2012Motion for leave to file amicus brief filed by DRI-The Voice of the Defense Bar.
Aug 22, 2012Motion for leave to file amicus brief filed by Breazeale, Sachse & Wilson, LLP. VIDED.Sep 4, 2012Reply of petitioners Willis of Colorado Incorporated, et al. filed.
Sep 5, 2012DISTRIBUTED for Conference of September 24, 2012.
Oct 1, 2012The Solicitor General is invited to file a brief in this case expressing the views of the United States.
Dec 14, 2012Brief amicus curiae of United States filed. VIDED.Dec 24, 2012Supplemental brief of respondents Samuel Troice, et al. filed. VIDED.Dec 26, 2012DISTRIBUTED for Conference of January 11, 2013.
Dec 26, 2012Supplemental brief of petitioners Willis of Colorado Incorporated, et al. filed. (Distributed)Dec 26, 2012Supplemental brief of respondents James Roland, et al., and Leah Farr, et al. filed. (Distributed)Jan 14, 2013DISTRIBUTED for Conference of January 18, 2013.
Jan 18, 2013Motion for leave to file amicus brief filed by DRI-The Voice of the Defense Bar GRANTED.
Jan 18, 2013Motion for leave to file amicus brief filed by Breazeale, Sachse & Wilson, LLP GRANTED.
Jan 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.
Feb 7, 2013The time to file the joint appendix and petitioners' briefs on the merits is extended to and including May 3, 2013. VIDED.
Feb 27, 2013The time to file respondents' briefs on the merits is extended to and including July 18, 2013. VIDED
Apr 9, 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.
Apr 9, 2013Consent to the filing of amicus curiae briefs, in support of either party or of neither party, received from counsel for all respondents. VIDED.
May 3, 2013Joint appendix filed. (2 Volumes) VIDED. (Statement of costs filed)
May 3, 2013Brief of petitioners Willis of Colorado Incorporated, et al. filed.
May 10, 2013Brief amicus curiae of United States filed. VIDED.May 10, 2013Brief amicus curiae of Breazeale, Sachse & Wilson, LLP filed. VIDED.May 10, 2013Brief amicus curiae of Causeway Capital Management LLC filed.May 10, 2013Brief amicus curiae of Securities Industry and Financial Markets Association filed. VIDED.May 10, 2013Brief amicus curiae of DRI-The Voice of the Defense Bar filed. VIDED.Jun 12, 2013Motion of the Solicitor General for leave to participate in oral argument as amicus curiae and for divided argument filed. VIDED.
Jul 18, 2013Brief of respondents Samuel Troice, et al. filed. VIDED. (Distributed)Jul 22, 2013CIRCULATED. VIDED.
Jul 23, 2013SET FOR ARGUMENT on Monday, October 7, 2013. VIDED
Jul 24, 2013Brief amici curiae of Sixteen Law Professors filed. VIDED. (Distributed)Jul 25, 2013Brief amici curiae of Public Investors Arbitration Bar Association, et al. filed. (Reprinted) VIDED. (Distributed)Jul 25, 2013Brief amicus curiae of National Association of Bankruptcy Trustees filed. VIDED. (Distributed)Jul 25, 2013Brief amicus curiae of Occupy the SEC filed. VIDED. (Distributed)Aug 2, 2013Record from U.S.C.A. for 5th Circuit is electronic and located on PACER.
Aug 2, 2013Record from U.S.D.C. for Northern District of Texas is electronic and located on PACER.
Aug 19, 2013Reply of petitioners Willis of Colorado Incorporated, et al. filed. (Distributed)Aug 30, 2013Motion of the Solicitor General for leave to participate in oral argument as amicus curiae and for divided argument GRANTED.
Oct 7, 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.Feb 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.
Mar 31, 2014JUDGMENT ISSUED.
Recommended Citation: Willis of Colorado Inc. v. Troice, SCOTUSblog, https://www.scotusblog.com/cases/willis-of-colorado-inc-v-troice/