Proskauer Rose LLP v. Troice
Linked with:
| Docket No. | Op. Below | Argument | Opinion | Vote | Author | Term |
|---|---|---|---|---|---|---|
| 12-88 | 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.
SCOTUSblog Coverage
- Opinion analysis: Scope of federal preclusion of state law actions (Allen Ferrell, February 28, 2014)
- Argument analysis: Ghost of Madoff hangs over state securities class actions (Allen Ferrell, October 9, 2013)
- Argument preview: Justices tackle preclusion of state class actions involving securities (Allen Ferrell, October 7, 2013)
- Petitions of the day (Ben Cheng, September 15, 2012)
| Date | Proceedings and Orders |
|---|---|
| 07/18/2012 | Petition for a writ of certiorari filed. (Response due August 22, 2012) |
| 07/25/2012 | Letter of July 25, 2012, from counsel for respondent Thomas V. Sjoblom received. |
| 08/20/2012 | Brief of respondents Samuel Troice, et al. in opposition filed. VIDED. |
| 08/22/2012 | Motion for leave to file amicus brief filed by Breazeale, Sachse & Wilson, LLP. VIDED. |
| 09/04/2012 | Reply of petitioner Proskauer Rose LLP filed. (Distributed) |
| 09/05/2012 | DISTRIBUTED for Conference of September 24, 2012. |
| 10/01/2012 | The Solicitor General is invited to file a brief in this case expressing the views of the United States. |
| 12/14/2012 | Brief amicus curiae of United States filed. VIDED. |
| 12/24/2012 | Supplemental brief of respondents Samuel Troice, et al. filed. VIDED. |
| 12/26/2012 | DISTRIBUTED for Conference of January 11, 2013. |
| 12/26/2012 | Letter of December 26, 2012, from counsel for respondent Thomas V. Sjoblom received. VIDED. (Distributed) |
| 12/26/2012 | Supplemental brief of petitioner Proskauer Rose LLP filed. (Distributed) |
| 01/14/2013 | DISTRIBUTED for Conference of January 18, 2013. |
| 01/18/2013 | Motion for leave to file amicus brief filed by Breazeale, Sachse & Wilson, LLP GRANTED. |
| 01/18/2013 | The petition for a writ of certiorari is granted limited to Question 1 presented by the petition. 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. 12-86 is granted. The cases are consolidated and a total of one hour is allotted for oral argument. VIDED |
| 02/07/2013 | The time to file the joint appendix and petitioners' briefs on the merits is extended to and including May 3, 2013. VIDED. |
| 02/27/2013 | The time to file respondents' briefs on the merits is extended to and including July 18, 2013. VIDED |
| 04/09/2013 | Consent to the filing of amicus curiae briefs, in support of either party or of neither party, received from counsel for all respondents. VIDED. |
| 04/30/2013 | Consent to the filing of amicus curiae briefs, in support of either party or of neither party, received from counsel for the petitioner Proskauer Rose LLP. VIDED. |
| 05/03/2013 | Joint appendix filed .(2 Volumes) VIDED. (Statement of costs filed) |
| 05/03/2013 | Brief of petitioner Proskauer Rose LLP filed. |
| 05/03/2013 | Letter of respondent Thomas V. Sjoblom in support filed. VIDED. |
| 05/03/2013 | Letter of respondent P. Mauricio Alvarado in support filed. |
| 05/08/2013 | Consent to the filing of amicus curiae briefs, in support of either party or of neither party, received from counsel for Thomas V. Sjoblom. VIDED. |
| 05/09/2013 | Consent to the filing of amicus curiae briefs, in support of either party or of neither party, received from counsel for P. Mauricio Alvarado. VIDED. |
| 05/10/2013 | Brief amicus curiae of United States filed. VIDED. |
| 05/10/2013 | Brief amicus curiae of Breazeale, Sachse & Wilson, LLP filed. VIDED. |
| 05/10/2013 | Brief amicus curiae of Securities Industry and Financial Markets Association filed. VIDED. |
| 05/10/2013 | Brief amicus curiae of DRI-The Voice of the Defense Bar filed. VIDED. |
| 06/12/2013 | Motion of the Solicitor General for leave to participate in oral argument as amicus curiae and for divided argument filed. VIDED. |
| 07/18/2013 | Brief of respondents Samuel Troice, et al. filed. VIDED. (Distributed) |
| 07/22/2013 | CIRCULATED. VIDED. |
| 07/23/2013 | SET FOR ARGUMENT on Monday, October 7, 2013. VIDED |
| 07/24/2013 | Brief amici curiae of Sixteen Law Professors filed. VIDED. (Distributed) |
| 07/25/2013 | Brief amici curiae of Court-Appointed Receiver and Examiner filed. VIDED. (Distributed) |
| 07/25/2013 | Brief amici curiae of Public Investors Arbitration Bar Association, et al. filed. (Reprinted) VIDED. (Distributed) |
| 07/25/2013 | Brief amicus curiae of National Association of Bankruptcy Trustees filed. VIDED. (Distributed) |
| 07/25/2013 | Brief amicus curiae of Occupy the SEC filed. VIDED. (Distributed) |
| 08/02/2013 | Record from U.S.C.A. for 5th Circuit is electronic and located on PACER. |
| 08/02/2013 | Record from U.S.D.C. for Northern District of Texas is electronic and located on PACER. |
| 08/19/2013 | Reply of petitioner Proskauer Rose LLP filed. (Distributed) |
| 08/30/2013 | Motion of the Solicitor General for leave to participate in oral argument as amicus curiae and for divided argument GRANTED. |
| 10/07/2013 | Argued. 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. |
| 02/26/2014 | Adjudged 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. |
| 03/31/2014 | JUDGMENT 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: (1) Whether the Securities Litigation Uniform Standards Act of 1998 (“SLUSA”), 15 U.S.C. ยง” 77p(b), 78bb(f)(1), prohibits private class actions based on state law only where the alleged purchase or sale of a covered security is “more than tangentially related” to the “heart, crux or gravamen” of the alleged fraud; and (2) whether the SLUSA precludes a class action in which the defendant is sued for aiding and abetting fraud, but a non-party, rather than the defendant, made the only alleged misrepresentation in connection with a covered securities transaction.