JUDGMENT ISSUED.

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.

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.

Motion of the Solicitor General for leave to participate in oral argument as amicus curiae and for divided argument GRANTED.

Reply of petitioners Willis of Colorado Incorporated, et al. filed. (Distributed)

Record from U.S.C.A. for 5th Circuit is electronic and located on PACER.

Record from U.S.D.C. for Northern District of Texas is electronic and located on PACER.

Brief amicus curiae of Occupy the SEC filed. VIDED. (Distributed)

Brief amicus curiae of National Association of Bankruptcy Trustees filed. VIDED. (Distributed)

Brief amici curiae of Public Investors Arbitration Bar Association, et al. filed. (Reprinted) VIDED. (Distributed)

Brief amici curiae of Sixteen Law Professors filed. VIDED. (Distributed)

SET FOR ARGUMENT on Monday, October 7, 2013. VIDED

CIRCULATED. VIDED.

Brief of respondents Samuel Troice, et al. filed. VIDED. (Distributed)

Motion of the Solicitor General for leave to participate in oral argument as amicus curiae and for divided argument filed. VIDED.

Brief amicus curiae of Breazeale, Sachse & Wilson, LLP filed. VIDED.

Brief amicus curiae of DRI-The Voice of the Defense Bar filed. VIDED.

Brief amicus curiae of Causeway Capital Management LLC filed.

Brief amicus curiae of United States filed. VIDED.

Brief amicus curiae of Securities Industry and Financial Markets Association filed. VIDED.

Joint appendix filed. (2 Volumes) VIDED. (Statement of costs filed)

Brief of petitioners Willis of Colorado Incorporated, et al. filed.

Consent to the filing of amicus curiae briefs, in support of either party or of neither party, received from counsel for all respondents. VIDED.

Consent 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.

The time to file respondents' briefs on the merits is extended to and including July 18, 2013. VIDED

The time to file the joint appendix and petitioners' briefs on the merits is extended to and including May 3, 2013. VIDED.

Petition 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.

Motion for leave to file amicus brief filed by Breazeale, Sachse & Wilson, LLP GRANTED.

Motion for leave to file amicus brief filed by DRI-The Voice of the Defense Bar GRANTED.

DISTRIBUTED for Conference of January 18, 2013.

DISTRIBUTED for Conference of January 11, 2013.

Supplemental brief of respondents James Roland, et al., and Leah Farr, et al. filed. (Distributed)

Supplemental brief of petitioners Willis of Colorado Incorporated, et al. filed. (Distributed)

Supplemental brief of respondents Samuel Troice, et al. filed. VIDED.

Brief amicus curiae of United States filed. VIDED.

The Solicitor General is invited to file a brief in this case expressing the views of the United States.

DISTRIBUTED for Conference of September 24, 2012.

Reply of petitioners Willis of Colorado Incorporated, et al. filed.

Motion for leave to file amicus brief filed by DRI-The Voice of the Defense Bar.

Motion for leave to file amicus brief filed by Breazeale, Sachse & Wilson, LLP. VIDED.

Brief of respondents Samuel Troice, et al. in opposition filed. VIDED.

Brief of respondents James Roland, et al., and Leah Farr, et al. in opposition filed.

Petition for a writ of certiorari filed. (Response due August 22, 2012)

Willis of Colorado Incorporated, et al., Petitioner, represented by Paul D. Clement

James Roland, et al., and Leah Farr, et al., Respondent, represented by Phillip W. Preis

P. Mauricio Alvarado, Respondent, represented by Michael J. Stanley

Samuel Troice, et al., Respondent, represented by P. Michael Jung

Samuel Troice, et al., Respondent, represented by Thomas C. Goldstein

Breazeale, Sachse & Wilson, LLP, Amicus Curiae, represented by Lisa S. Blatt

Causeway Capital Management LLC, Amicus Curiae, represented by Nicholas G. Terris

DRI-The Voice of the Defense Bar, Amicus Curiae, represented by Henry M. Sneath

DRI-The Voice of the Defense Bar, Amicus Curiae, represented by Mary Massaron Ross

National Association of Bankruptcy Trustees, Amicus Curiae, represented by Paul Steven Singerman

Occupy the SEC, Amicus Curiae, represented by Akshat Tewary

Public Investors Arbitration Bar Association, et al., Amicus Curiae, represented by Royal B. Lea III.

Sixteen Law Professors, Amicus Curiae, represented by Richard A. Lockridge

United States, Amicus Curiae, represented by Donald B. Verrilli Jr.

Willis of Colorado Incorporated, et al. v. Samuel Troice, et al., Amicus Curiae, represented by Elaine J. Goldenberg