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
7/11/2024
/ Administrative Procedure Act ,
Chevron Deference ,
Chevron v NRDC ,
Constitutional Challenges ,
Government Agencies ,
Judicial Authority ,
Loper Bright Enterprises v Raimondo ,
National Marine Fisheries Service ,
Regulatory Authority ,
SCOTUS ,
Statutory Interpretation
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
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
Tornado Cash, a cryptocurrency mixer, recently suffered two major setbacks in federal regulatory efforts to block its use and prosecute its founders.
First, a federal district court threw out a lawsuit challenging the...more
9/11/2023
/ Cryptocurrency ,
Cyber Crimes ,
Decentralized Autonomous Organization (DAO) ,
Department of Justice (DOJ) ,
Foreign Entities ,
International Emergency Economic Powers Act (IEEPA) ,
Money Laundering ,
North Korea ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Regulatory Standards ,
Sanction Violations ,
SDN List ,
State Sponsors of Cyberattacks ,
U.S. Treasury
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
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
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
Court of Chancery holds that conflicted transactions involving a potential controller may still be considered under the deferential business judgment rule, rather than entire fairness, if the evidence does not establish the...more
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
1/18/2023
/ Appeals ,
Centers for Medicare & Medicaid Services (CMS) ,
Confidential Information ,
Fraud ,
Hedge Funds ,
Insider Trading ,
Kelly v United States ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Wire Fraud
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
7/21/2022
/ Air Pollution ,
Clean Air Act ,
Clean Power Plan ,
Climate Change ,
Commercial Litigation ,
Discharge of Pollutants ,
Environmental Policies ,
Environmental Protection Agency (EPA) ,
Global Warming ,
Greenhouse Gas Emissions ,
Pollution Control ,
Power Plants ,
Regulatory Authority ,
Resource Management ,
SCOTUS ,
West Virginia v EPA
The United States Court of Appeals for the Fifth Circuit issued a major decision on May 18, 2022 holding Securities and Exchange Commission (SEC or Commission) administrative adjudications unconstitutional on multiple...more
5/31/2022
/ Adjudicatory Process ,
Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Article II ,
Constitutional Challenges ,
Enforcement Actions ,
Right to a Jury ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Violations ,
Seventh Amendment
Introduction -
Cryptocurrencies have surged in popularity in recent years. As we have reported in recent OnPoints, the swift growth and adoption of cryptocurrencies raise legal questions about everything from their...more
Key Takeaways-
The United States Securities and Exchange Commission announced a settlement against chip manufacturing company Nvidia Corporation, on May 6, 2022, for inadequate disclosures concerning the impact of...more
5/19/2022
/ Bitcoin Mining ,
Corporate Counsel ,
Cryptocurrency ,
Enforcement Actions ,
Failure To Disclose ,
Gaming ,
Gaming Revenues ,
Microchip Technology ,
NVIDIA ,
Popular ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Settlement Agreements
On Wednesday, March 9, President Biden issued an Executive Order entitled Ensuring Responsible Development of Digital Assets. The President’s order represents the first time that the White House has sought to develop a...more
4/5/2022
/ Biden Administration ,
Bitcoin ,
Blockchain ,
Central Bank Digital Currency (CBDCs) ,
Cryptocurrency ,
Digital Assets ,
Executive Orders ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financial Transactions ,
Investment Contract ,
Investor Protection ,
Regulatory Agenda
Senators Josh Hawley and Kristen Gillibrand re-introduced new legislation on February 3, 2022, aimed at combatting the use of forced labor in supply chains worldwide. This move comes on the heels of the December 2021 passage,...more
2/17/2022
/ Biden Administration ,
Child Labor ,
China ,
Customs and Border Protection ,
Forced Labor ,
Foreign Policy ,
Foreign Relations ,
Human Rights ,
Imports ,
New Legislation ,
Proposed Legislation ,
Regulatory Agenda ,
Slavery ,
Supply Chain ,
Uyghur Forced Labor Prevention Act (UFLPA)
The United States District Court for the Southern District of Texas recently recognized new constitutional and extraterritorial limits on the FCPA. In an order entered November 10, 2021, the court held that it lacked...more
12/3/2021
/ Bribery ,
Constitutional Challenges ,
Corruption ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Due Process ,
Extraterritoriality Rules ,
Foreign Agents ,
Foreign Corrupt Practices Act (FCPA) ,
Indictments ,
Jurisdiction ,
Kickbacks ,
Money Laundering ,
Motion to Dismiss ,
Vagueness ,
White Collar Crimes
Key Takeaways - The Department of Justice (“DOJ”) recently announced a new initiative to aggressively pursue lenders who engage in the discriminatory practice of “redlining.” The DOJ, along with the Consumer Financial...more
On January 18, 2013, the United States Supreme Court granted certiorari to resolve a circuit split concerning the extent to which the Securities Litigation Uniform Standards Act of 1998 (“SLUSA”) preempts state law claims...more
1/25/2013
/ Brokers ,
Equity Securities ,
Fraud ,
Investors ,
Ponzi Scheme ,
Preemption ,
Private Equity ,
Private Securities Litigation Reform Act of 1995 ,
SCOTUS ,
SLUSA ,
Split of Authority ,
State Securities Claims