News & Analysis as of September 23, 2024

Supreme Court of the United States › Investment Management

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The United States Supreme Court is the highest court of the United States and is charged with interpreting federal law, including the United States Constitution. The Court's docket is largely discretionary with only a limited number of cases granted review each term. The Court is comprised of one chief justice and eight associate justices, who are nominated by the President and confirmed by the Senate to hold lifetime positions. less -

Relying on Loper, Fifth Circuit Sends Chevron-based decision Back to District Court, calling ESG Rule into Question

Nossaman LLP on 7/29/2024

On July 18, the U.S. Court of Appeals for the Fifth Circuit (“Fifth Circuit”) vacated a decision by the U.S. District Court for the Northern District of Texas (“District Court”) that upheld the U.S. Department of Labor’s...more

ERISA Cases in a Post-Chevron World

Mayer Brown on 7/24/2024

On June 28, 2024, the Supreme Court issued a landmark ruling in Loper Bright Enterprises v. Raimondo that upends a longstanding feature of administrative law—Chevron deference. In Loper Bright, the Court expressly overruled...more

Cadwalader Climate - July 2024 #2

Cadwalader, Wickersham & Taft LLP on 7/17/2024

In this week’s U.S.-focused edition, we look at the world’s largest asset manager’s updated voting guidelines which seek to strike a balance amidst the fraught political rhetoric surrounding sustainable investment. The...more

Supreme Court Plays Its Cards on Constitutionality of SEC In-House Court Actions

Carlton Fields on 10/3/2023

The U.S. Supreme Court’s June 2023 decision to grant certiorari in SEC v. Jarkesy called into question the SEC’s ability to pursue penalties and other legal remedies before the SEC’s in-house administrative law judges. If...more

Northwestern University’s Alternative Explanations Not Strong Enough To Defeat ERISA Excessive Fee Claims

Proskauer - Employee Benefits & Executive... on 4/4/2023

On remand from the U.S. Supreme Court, the Seventh Circuit issued its opinion in Hughes v. Northwestern University, concluding that participants in two Northwestern 403(b) plans plausibly pled fiduciary-breach claims based on...more

ERISA Litigation Update: ERISA Fiduciary Duty of Prudence: Fees and Monitoring Investment Options

Stoel Rives LLP on 4/13/2022

Briefed - - Lawsuits targeting ERISA fiduciaries and sponsors are skyrocketing. - A recent SCOTUS decision confirmed duty of prudence requires the fiduciary to monitor plan investment options and remove imprudent...more

Supreme Court Set To Rule This Spring on ERISA Investment Fees, Affecting Over 150 Cases Around the Country

ArentFox Schiff on 12/29/2021

The U.S. Supreme Court heard oral argument to decide a circuit split and determine what ERISA requires of ERISA-governed pension plan fiduciaries with respect to investment fees and recordkeeping. A decision is expected in...more

Supreme Court Struggles to Apply “Twiqbal” in Retirement Plan Fee Cases

Jackson Lewis P.C. on 12/7/2021

Monday, the Supreme Court heard oral arguments in Hughes v. Northwestern University, No. 19-1401, just one of about 150 similar class action suits filed around the country in the last few years. The case was brought by...more

Financial Services Weekly Roundup: The Supreme Court Strikes Back On Single Director Leadership Structures

Goodwin on 7/6/2020

In This Issue. The U.S. Supreme Court struck down the single director leadership structure of the Consumer Financial Protection Bureau (CFPB) in a ruling that could have far-reaching implications for the CFPB and other...more

The Catch with Kokesh: Insurers Refusing to Cover Disgorgement to SEC

King & Spalding on 10/24/2018

In the wake of the Supreme Court’s unanimous decision in Kokesh v. SEC, which defined disgorgement as a penalty subject to the five-year statute of limitations, we observed that the decision was likely to have far-reaching...more

Tibble and Class Action Plaintiffs Win Round Two versus Edison International and Its 401(k) Investment Committees

Stinson - Benefits Notes Blog on 8/22/2017

In past articles in this Blog I reported on decisions of the 9th Circuit Court of Appeals and ultimately the U.S. Supreme Court dealing with a class action for breach of fiduciary duty for selecting retail mutual funds in...more

Supreme Court Deals Blow to SEC By Applying Five-Year Statute of Limitations to Disgorgement Remedies in SEC Enforcement Actions

Sheppard Mullin Richter & Hampton LLP on 6/29/2017

On June 5, 2017 the Supreme Court dealt a significant setback to the Securities and Exchange Commission (“SEC”) by limiting its power to extract ill-gotten profits from securities laws violators....more

Supreme Court Deals Major Blow to SEC Disgorgement Claims in Kokesh

Baker Donelson on 6/16/2017

The U.S. Securities and Exchange Commission (SEC) may now only collect disgorgement from defendants within five years of filing suit. On June 5, the United States Supreme Court ruled unanimously that the five-year statute of...more

Reflections on Kokesh v. SEC: Potential Ramifications of SEC Disgorgement Being a Penalty

King & Spalding on 6/14/2017

In the week since the Supreme Court’s unanimous decision in Kokesh v. SEC, which rejected the Securities and Exchange Commission’s longstanding position that disgorgement was an equitable remedy not subject to the five-year...more

SEC’s Negotiating Power Curbed - U.S. Supreme Court holds disgorgement subject to a five-year statute of limitations

Pillsbury Winthrop Shaw Pittman LLP on 6/9/2017

Earlier this week, the U.S. Supreme Court resolved a circuit split among the Tenth and Eleventh Circuit Courts of Appeals by holding that because disgorgement in a Securities and Exchange Commission (SEC) enforcement action...more

In Two Unanimous Rulings, U.S. Supreme Court Limits Penalties in SEC Enforcement and Criminal Actions

Kramer Levin Naftalis & Frankel LLP on 6/9/2017

In a pair of decisions issued on June 5, the Supreme Court sharply curtailed the scope of financial sanctions available in civil securities enforcement and criminal drug trafficking cases. In addition to the results, which...more

Supreme Court Provides New Leverage for Defendants in SEC Enforcement Actions

Troutman Pepper on 6/8/2017

For many years, the U.S. Securities and Exchange Commission (SEC) has sought both civil monetary penalties and disgorgement of unlawful gains from those alleged to have violated federal securities laws. While civil monetary...more

Supreme Court Limits SEC Disgorgement Orders With Five-Year Statute of Limitations

Seyfarth Shaw LLP on 6/8/2017

Seyfarth Synopsis: On June 5, 2017, the United States Supreme Court resolved a split among the federal circuit courts by unanimously holding that disgorgement collected by the Securities and Exchange Commission is subject to...more

Supreme Court Limits SEC Disgorgement Orders to a Five-Year Statute of Limitations

Hogan Lovells on 6/8/2017

Recently, the Supreme Court unanimously held in Kokesh v. SEC that disgorgement orders in enforcement actions by the Securities and Exchange Commission are subject to the same five-year statute of limitations as monetary...more

Supreme Court’s Kokesh v. SEC ruling limits CFPB disgorgement

Ballard Spahr LLP on 6/8/2017

On June 5, 2017, the U.S. Supreme Court handed down a unanimous decision in Kokesh v. SEC. In Kokesh, the SEC took the position that disgorgement was not a penalty and therefore not subject to the statute of limitations in 28...more

United States Supreme Court Holds SEC Disgorgement Orders Subject to Five-Year Statute of Limitations

A&O Shearman on 6/7/2017

On Monday, June 5, 2017, a unanimous Supreme Court held that the ability of the Securities and Exchange Commission (“SEC”) to seek disgorgement in connection with a violation of federal securities law is subject to a...more

The U.S. Supreme Court Puts S.E.C. Disgorgement Actions on the Clock

Miller Canfield on 6/7/2017

The U.S. Supreme Court continues to limit the timeframe in which the U.S. Securities and Exchange Commission (“S.E.C.”) can seek to levy monetary penalties in enforcement actions it brings against violators of the federal...more

Supreme Court Decision Provides Significant Protection to Securities Industry, Limits SEC Enforcement

Bradley Arant Boult Cummings LLP on 6/7/2017

In a decision previewed in an earlier post, the United States Supreme Court ruled unanimously in Kokesh v. Securities and Exchange Commission that the five-year statute of limitations in 28 U.S.C. section 2462 applies to SEC...more

The Kokesh Decision – One Question Answered, Others Left Open

Thomas Fox - Compliance Evangelist on 6/7/2017

In the case of Kokesh v. SEC, the US Supreme Court held the profit disgorgements operate as a penalty under the Securities and Exchange Act of 1934, as amended. As such “any claim for disgorgement in an SEC enforcement action...more

Supreme Court: SEC Disgorgement a Penalty Subject to 5-Year Limitations

Burr & Forman on 6/6/2017

A unanimous Supreme Court held June 5 that SEC disgorgement is a “penalty” subject to five-year limitations under 28 U.S.C. §2462 and Gabelli v. SEC, 568 U.S. 442 (2013)(5-year limitations applies to civil monetary...more

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Supreme Court of the United States › Investment Management

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