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Supreme Court Ends Chevron Deference Among String of Decisions Limiting Agency Power

In Loper Bright Enterprises v. Raimondo, the Supreme Court overruled the doctrine of Chevron deference but made clear that cases relying on Chevron’s interpretive framework remain good law subject to statutory stare decisis....more

Supreme Court Curtails SEC In-House Judges on Litigated Civil Penalties

In SEC v. Jarkesy, the Supreme Court held that the Seventh Amendment entitles a defendant to a jury trial when the SEC seeks civil penalties for securities fraud. The decision limits the SEC’s authority to seek civil...more

SEC’s Private Fund Adviser Rule Vacated by the Fifth Circuit

Yesterday, the United States Court of Appeals for the Fifth Circuit vacated the SEC’s Private Fund Adviser Rule in its entirety. Dechert LLP represented the Chamber of Commerce of the United States of America in filing an...more

‘Modify’ Means Modify: Supreme Court Rejects Biden Administration’s Plan to Forgive US$430 Billion in Student Loan Debt

The Supreme Court reaffirmed that agencies may not exercise sweeping powers that would fundamentally revise congressional policies absent clear statutory authorization. The Secretary of Education’s power to “modify” the...more

Off the Beaten Track? U.S. Supreme Court Holds States May Require Corporations to Consent to Jurisdiction to Conduct Business

On June 27, 2023, a fractured Supreme Court held in Mallory v. Norfolk Southern Railway Co. that a Pennsylvania law requiring out-of-state businesses to consent to the jurisdiction of the Pennsylvania courts as a condition of...more

Supreme Court Gives Securities Plaintiffs No Slack: Section 11 Requires Tracing Shares to Registration Statement

U.S. Supreme Court resolves circuit split created by Ninth Circuit decision which had held that traceability not required in the context of a direct listing. By requiring traceability, the Supreme Court cabins strict...more

Don’t Trade on Me: Second Circuit Excludes Confidential Agency Information From the Definition of “Property” in Insider Trading...

A divided panel of the U.S. Court of Appeals for the Second Circuit held, on December 27, 2022, in United States v. Blaszczak (“Blaszczak II”) that an agency’s confidential, pre-decisional information did not count as...more

Third Circuit Rejects Use Of “Intended Loss” as Enhancement Under U.S. Sentencing Guidelines

The Third Circuit Court of Appeals ruled yesterday in United States v. Banks1 that under the U.S. Sentencing Guidelines, “loss” means only actual loss and not intended loss. Although the term “loss” is not explicitly...more

Major Decision for Major Questions: Supreme Court Reins In Federal Regulatory Authority

Introduction - In West Virginia v. EPA, the Supreme Court confirmed a robust “major questions” canon of construction that will restrain administrative agencies’ ability to regulate on issues of “vast economic and...more

Supreme Court Holds that an FCC Rule Change Was Not “Arbitrary and Capricious” Under the Administrative Procedure Act

The U.S. Supreme Court issued a significant decision regarding the Administrative Procedure Act’s (“APA”) arbitrary-and-capricious standard. In FCC v. Prometheus Radio Project, the Court upheld a decision by the Federal...more

Key Takeaways From the Supreme Court’s Personal Jurisdiction Decision in Ford Motor Company v. Montana Eighth Judicial District...

Yesterday, the Supreme Court issued an important decision in Ford Motor Company v. Montana Eighth Judicial District Court unanimously affirming the existence of personal jurisdiction over products liability claims by an...more

Personal Jurisdiction and Class Actions: D.C. and Seventh Circuit Address Whether Bristol-Myers Applies to Class Actions

Following the Supreme Court’s decision in Bristol-Myers Squibb v. Superior Court, class action defendants have arguments that there is no personal jurisdiction over non-resident class members in putative class actions brought...more

Standing Question Prevents Clarity from Justices on “Cy Pres” Class Action Settlements

In Frank v. Gaos, plaintiff Paloma Goas brought a class action alleging that Google’s transmission of users’ search terms violated the Stored Communications Act, 18 U.S.C. § 2701, et seq. (“SCA”). The SCA creates a private...more

SCOTUS Unanimously Holds Deadline for Permission to Appeal Class Certification Ruling Cannot be Equitably Tolled

To immediately appeal a federal district court’s order granting or denying class certification, a party must first seek permission from the relevant court of appeals “within 14 days after the order is entered.” Fed. R. Civ....more

The Supreme Court of the United States Unanimously Reaffirms the Court’s Jurisprudence Enforcing Contractual Arbitration...

In Henry Schein, Inc., et al. v. Archer and White Sales, Inc., the Supreme Court of the United States once again rejected efforts to create exceptions to the Federal Arbitration Act’s command that courts enforce the terms of...more

Supreme Court Rules on Two-Sided Platforms Antitrust Case

In Ohio v. American Express Co., the United States Supreme Court held that American Express Co. (Amex) did not violate Section 1 of the Sherman Antitrust Act by including “antisteering” provisions in its agreements with...more

Supreme Court Holds That SEC’s Administrative Law Judges Were Unconstitutionally Appointed

The U.S. Supreme Court recently held, in Lucia v. SEC,1 that Administrative Law Judges (ALJs) for the U.S. Securities and Exchange Commission (SEC or Commission) are officers of the United States who must be appointed...more

Supreme Court Rejects Absolute Deference to Foreign Government’s Interpretation of Own Laws

In Animal Science Products v. Hebei Welcome Pharmaceutical Co., the Supreme Court of the United States held that foreign governments are not entitled to absolute deference on the construction of their own laws. The Court’s...more

Supreme Court Limits American Pipe Tolling for Successive Class Actions

In China Agritech, Inc. v. Resh, the Supreme Court of the United States held that the filing of a class action complaint does not toll a statute of limitations period for later-filed class actions raising the same claims. The...more

Supreme Court Upholds Employers’ Use of Class Action Waivers in Arbitration Agreements

A sharply divided U.S. Supreme Court decided one of the most highly anticipated employment cases in recent years on May 21, 2018, holding in Epic Systems Corporation v. Lewis that the National Labor Relations Act (“NLRA”)...more

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