Fifth Circuit Rules that the Consumer Financial Protection Bureau is Unconstitutionally Funded: What Does the Decision Mean? A Deep Dive with Special Guest Isaac Boltansky, BTIG
Chief Justice John Roberts has issued a temporary stay allowing President Trump to fire recently reinstated FTC Commissioner Rebecca Slaughter, even though she was fired without cause....more
Yesterday, the D.C. Circuit issued the latest decision in the saga over President Trump’s firing of the Democratic Federal Trade Commission (FTC) Commissioners. That decision sets the stage for a likely emergency application...more
In an August 19, 2025 decision in SpaceX v. NLRB, the Fifth Circuit ruled that the structure of the National Labor Relations Board (NLRB) is likely unconstitutional and upheld three preliminary injunctions preventing the NLRB...more
The U.S. Court of Appeals for the Fifth Circuit ("Fifth Circuit") has ruled that the National Labor Relations Board ("NLRB") is unconstitutionally structured and cannot hear unfair labor practice charges. The decision focused...more
In a major setback for the National Labor Relations Board (NLRB), the Fifth Circuit Court of Appeals recently upheld an injunction, preventing the NLRB from holding an unfair labor practice (ULP) hearing against SpaceX and...more
On August 19, 2025, in Space Exploration Tech. Corp. v. National Labor Relations Board, et al., a panel of the U.S. Court of Appeals for the Fifth Circuit upheld preliminary injunctions that had halted NLRB complaint...more
On August 19, 2025, the U.S. Court of Appeals for the Fifth Circuit affirmed preliminary injunctions halting National Labor Relations Board (“NLRB” or the “NLRB”) proceedings against SpaceX and two other companies while they...more
The Supreme Court last week granted the stay requested by the Government enjoining the enforcement of the U.S. District Court for the District of Columbia’s orders involving President Trump’s firing of members of the National...more
A government contractor challenged a U.S. Department of Labor ("DOL") Office of Federal Contract Compliance Programs ("OFCCP") enforcement scheme in federal court as violating the United States Constitution. The contractor...more
On June 30, 2023, the Supreme Court granted certiorari in Securities and Exchange Commission v. Jarkesy to review a decision by the Fifth Circuit rejecting key aspects of the Securities and Exchange Commission’s (SEC or the...more
In a decision that likely will reverberate throughout the administrative state, a three-judge panel of the United States Court of Appeals for the Fifth Circuit recently held in Jarkesy v. Securities and Exchange Commission...more
The Fifth Circuit's opinion creates a circuit split that raises the possibility of a Supreme Court review. On December 13, 2021, the Fifth Circuit issued an en banc opinion in Cochran v. U.S. Securities & Exchange...more
On January 31, the U.S. Court of Appeals for the D.C. Circuit issued a plurality opinion en banc that confirmed the constitutionality of the Consumer Financial Protection Bureau’s (“CFPB”) governance by a sole Director, while...more
The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) has been an agency under fire. Acting Director Mick Mulvaney has begun to institute significant changes at the Bureau. And last year, a panel of the D.C. Circuit...more
Earlier today, an en banc panel of the U.S. Court of Appeals for the D.C. Circuit ruled that the CFPB was constitutionally structured, reversing an earlier decision by a divided three-judge panel and holding that the...more
On Feb. 16, 2017, the D.C. Circuit granted the CFPB’s petition to rehear en banc the court’s landmark October 2016 decision finding that the structure of the CFPB was unconstitutional. In its Feb. 16, 2017, order the D.C....more
The D.C. Circuit has vacated its prior order in PHH Corporation v. Consumer Financial Protection Bureau and ordered the matter be reheard en banc. The parties have been specifically asked to address the following issues in...more
After the D.C. Circuit panel issued a per curiam order on February 2 denying the three motions to intervene that were filed in the PHH case, we expected the next development in the case to be a decision by the D.C. Circuit on...more
2016 was an active year in securities litigation. In the first half of 2016 alone, plaintiffs filed 119 new federal class action securities cases. It was also a busy year for SEC enforcement proceedings, with a record 868...more
The potentially explosive combination of the D.C. Circuit’s October decision in PHH v. CFPB and the outcome of the presidential election has spurred a host of questions about how the PHH litigation may proceed and about the...more
D.C. Circuit Delivers First Blow to CFPB, Trump Win Delivers Second - The future of the Consumer Financial Protection Bureau (CFPB) is up for grabs following a landmark Court of Appeals Decision, PHH Corporation v....more
The DC Circuit Court of Appeals recently held that the single-director structure of the Consumer Financial Protection Bureau (“CFPB”) was unconstitutional, and gave the President the authority to fire the director at will in...more
The US Court of Appeals for the DC Circuit declared the structure of the US Consumer Financial Protection Bureau unconstitutional, stating that the “massive, unchecked power” exercised by its director, Richard Cordray, lacks...more
Last week, the U.S. Court of Appeals for the D.C. Circuit issued its much-anticipated decision in PHH Corp. v. CFPB, No. 15-1177 (D.C. Cir., Oct. 11, 2016). In its 110-page decision, the three-judge panel deemed the Consumer...more
Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, has sent a letter to Director Cordray asking him to provide written assurance by October 26, 2016 that, as a result of the D.C....more