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Toshiba Corporation v. Automotive Industries Pension Trust Fund, et al.

Paid petition · United States Court of Appeals for the Ninth Circuit, No. 16-56058 · judgment July 17, 2018

Certiorari denied · June 24, 2019

Pre-decision estimate: 8% cert probability (95% interval 6%–12%)

Before the decision, about 2× the 4.1% base rate. The model weighted this up for a Ninth Circuit decision below, a circuit split argued in the petition, and a petition filed soon after the judgment below, and down for a business respondent.

Question presented

In Morrison v. National Australia Bank, Ltd., 561 U.S. 247 (2010), this Court held that Section 10(b) of the Securities Exchange Act does not apply extraterritorially and reaches fraud only in connection with (i) transactions in securities listed on domestic exchanges and (ii) domestic transactions in other securities. The question presented here is whether the Exchange Act applies, without exception, whenever a claim is based on a domestic transaction, as the Ninth Circuit held below, or whether in certain circumstances the Exchange Act does not apply, despite the claim being based on a domestic transaction, because other aspects of the claim make it impermissibly extraterritorial, as the Second Circuit has held. In other words, is a domestic transaction necessary and sufficient for application of the Exchange Act, or is a domestic transaction necessary but, by itself, not sufficient for application of the Act?

Counsel of record

For petitioner
Christopher M. Curran
White & Case LLP

For respondent
Susan K. Alexander
Robbins Geller Rudman & Dowd, LLP

Case

Conference history
Distributed for 3 conferences

Amicus briefs
9 cert-stage

Proceedings

Jun 24 2019
Petition DENIED.
Jun 04 2019
DISTRIBUTED for Conference of 6/20/2019.
Jun 03 2019
Supplemental brief of petitioner Toshiba Corporation filed.
May 20 2019
Brief amicus curiae of United States filed.
Jan 14 2019
The Solicitor General is invited to file a brief in this case expressing the views of the United States.
Dec 26 2018
DISTRIBUTED for Conference of 1/11/2019.
Dec 21 2018
Reply of petitioner Toshiba Corporation filed.
Dec 12 2018
Brief of respondents Automotive Industries Pension Trust Fund, et al. in opposition filed.
Dec 06 2018
Brief amicus curiae of Keidanren (Japan Business Federation) filed.
Dec 06 2018
Brief amicus curiae of Chamber of Commerce of the United States of America filed.
Dec 06 2018
Brief amici curiae of The Securities Industry and Financial Markets Association and The Competitive Enterprise Institute filed.
Dec 06 2018
Brief amici curiae of EuropeanIssuers, Économiesuisse, International Chamber of Commerce Switzerland, Association Française des Entreprises Privées filed.
Dec 04 2018
Brief amicus curiae of Government of the United Kingdom of Great Britain and Northern Ireland filed.
Nov 30 2018
Brief amici curiae of The Institute of International Bankers, et al. filed.
Nov 30 2018
Brief amicus curiae of The Organization for International Investment filed.
Nov 14 2018
Motion to extend the time to file a response is granted and the time is extended to and including December 12, 2018.
Nov 09 2018
Motion to extend the time to file a response from December 6, 2018 to December 12, 2018, submitted to The Clerk.
Nov 06 2018
Response Requested. (Due December 6, 2018)
Nov 02 2018
Brief amicus curiae of The Ministry of Economy, Trade and Industry of Japan filed. (Distributed)
Oct 31 2018
DISTRIBUTED for Conference of 11/16/2018.
Oct 23 2018
Waiver of right of respondent Automotive Industries Pension Trust Fund, et al. to respond filed.
Oct 17 2018
Blanket Consent filed by Respondents, Automotive Industries Pension Trust Fund, et al..
Oct 17 2018
Blanket Consent filed by Petitioner, Toshiba Corporation.
Oct 15 2018
Petition for a writ of certiorari filed. (Response due November 16, 2018)