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Supreme Court of the United States › Securities Regulation

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... more +
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 -
Patterson Belknap Webb & Tyler LLP

Justices to Consider Whether Section 47(b) of the Investment Company Act Creates a Federal Cause of Action

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In its October 2025 Term, the Supreme Court will decide whether Section 47(b) of the Investment Company Act of 1940 (“ICA”) creates a federal cause of action for private plaintiffs seeking rescission of contracts that are...more

Goodwin

Supreme Court to Resolve Circuit Split Over Existence of Implied Private Right of Action Under Section 47(b) of the Investment...

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On June 30, 2025, the Supreme Court granted certiorari in FS Credit Opportunities Corp. v. Saba Capital Master Fund, Ltd., agreeing to resolve a circuit split over whether private parties have an implied right of action to...more

Herbert Smith Freehills Kramer

US Supreme Court Grants Certiorari to Decide Whether Section 47(b) of the Investment Company Act Allows for a Private Right of...

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On June 30, 2025, the Supreme Court granted certiorari in FS Credit Opportunities Corp., et al. v. Saba Capital Master Fund, Ltd., et al., 24-345 to resolve a circuit split over whether Section 47(b) of the Investment Company...more

Ropes & Gray LLP

Supreme Court to Consider Closing a Back Door to Fund Litigation Claims Under the Investment Company Act

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On June 30, the U.S. Supreme Court agreed to hear a case that will determine whether Section 47(b) of the Investment Company Act of 1940 (ICA) creates a private right of action for shareholders of registered investment...more

Venable LLP

Supreme Court Denies Certiorari to Decide FINRA Authority

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On June 2, 2025, the Supreme Court denied a petition for writ of certiorari filed by Alpine Securities Corporation challenging a D.C. Circuit ruling granting only limited, preliminary relief to Alpine. Alpine argued that...more

Ballard Spahr LLP

Supreme Court Urged to Hear Case With Potential to Alter Materiality Standard for Alleging Securities Fraud Against Auditors

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The Supreme Court is currently deciding whether to hear a case that could have significant implications for auditors, law firms, and other professional services companies that assist public companies. Amicus briefs filed on...more

Bradley Arant Boult Cummings LLP

SEC Disgorgement Stuck in Circuit Split After Supreme Court Declines to Intervene

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On June 6, 2025, the U.S. Supreme Court denied a petition for certiorari in Navellier & Associates, Inc. v. SEC, declining to resolve a circuit split regarding the circumstances under which the U.S. Securities and Exchange...more

A&O Shearman

Supreme Court Declines To Hear Constitutional Challenge To FINRA’s Enforcement Powers

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On June 2, 2025, the U.S. Supreme Court declined to hear a challenge brought by a member firm against the enforcement power given to the Financial Industry Regulatory Authority (“FINRA”). The Court’s decision to turn away...more

Troutman Pepper Locke

Supreme Court Denies Certiorari in SEC Disgorgement Case

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On June 6, the U.S. Supreme Court denied the petition for certiorari in the case of Navellier & Associates, Inc. v. Securities and Exchange Commission (SEC). This decision effectively upholds the lower courts’ rulings,...more

Carlton Fields

U.S. Supreme Court Denies Alpine’s Petition Challenging Constitutionality of FINRA Enforcement Proceedings

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On June 2, 2025, the U.S. Supreme Court denied a petition for writ of certiorari filed by Alpine Securities Corp. in Alpine Securities Corp. v. Financial Industry Regulatory Authority. In doing so, the Supreme Court declined...more

Shumaker, Loop & Kendrick, LLP

Client Alert: FINRA Issues Administrative Order and Decision Regarding Alpine Sanctions

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On March 25, 2025, the Financial Industry Regulatory Authority (FINRA) issued a 100-page Administrative Order and Decision confirming and modifying its sanctions of Alpine Securities Corporation, which include expulsion from...more

Troutman Pepper Locke

SEC Briefs Disgorgement and Investor Harm in Navellier v. SEC

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In the recent Supreme Court case, Navellier & Associates, Inc. v. Securities and Exchange Commission (SEC), the petitioners sought a writ of certiorari challenging the decisions of the lower courts regarding the scope of...more

Polsinelli

Blockchain+ Bi-Weekly; Highlights of the Last Two Weeks in Web3 Law: May 8, 2025

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As the Polsinelli Blockchain+ team gears up for Consensus 2025 next week in Toronto — where Stephen Rutenberg, Daniel McAvoy and Jonathan Schmalfeld will be attending — the regulatory momentum in Washington appears to be...more

Cornerstone Research

SEC Accounting and Auditing Enforcement Activity Plummeted in Final Year of Gensler Administration

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The U.S. Securities and Exchange Commission (SEC) drastically reduced its accounting and auditing enforcement activity in fiscal year 2024, the final year of Gary Gensler’s administration, ending two consecutive years of...more

Cooley LLP

SEC’s Investor Advisory Committee recommends SEC action on §11 liability after Slack. How likely is it?

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In a meeting last year of the SEC’s Investor Advisory Committee, the Committee heard from a panel regarding the continued viability—or rather, lack thereof—of §11 liability following SCOTUS’s decision in Slack Technologies...more

Cooley LLP

On Remand From SCOTUS, Ninth Circuit Rejects Investor’s Efforts to Save Section 11 Direct Listing Claim, Holds Section 12(a)(2)...

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On February 10, 2025, the US Court of Appeals for the Ninth Circuit issued the latest decision in Pirani v. Slack Technologies, a long-running case examining the tracing requirements under Sections 11 and 12 of the Securities...more

Foley Hoag LLP - White Collar Law &...

SEC Expected to Shift Priorities and Adopt a More Business-Friendly Approach in 2025

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This is the fourth in our 2025 Year in Preview series examining important trends in white collar law and investigations in the coming year. We will be posting further installments in the series throughout the next several...more

Carlton Fields

Jarkesy May Reshape SEC Enforcement Against Professionals

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For decades, the SEC has relied on its in-house administrative proceedings to enforce alleged violations under the federal securities laws, including under its own rules of practice....more

Carlton Fields

Can Shareholders Rescind an Investment Company’s Contracts Based on 1940 Act Violations?

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Section 47(b) of the Investment Company Act of 1940 provides that contracts that violate or “whose performance involves, a violation of” the act are not enforceable by “either party.” ...more

Morrison & Foerster LLP

Sec Lit IQ: MoFo’s Quarterly Federal Securities Litigation and Delaware Corporate Litigation Newsletter (Q4 2024)

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We are pleased to announce the launch of MoFo’s new quarterly newsletter highlighting the most important developments in federal securities and Delaware corporate litigation. In this first edition, we provide a rundown of the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Inside the Courts – An Update From Skadden Securities Litigators - December 2024

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Key Points - - During its 2024 term, the U.S. Supreme Court is poised to provide important guidance on the Private Securities Litigation Reform Act’s (PSLRA’s) particularity requirement in NVIDIA Corp. v. E. Ohman J:or...more

Dorsey & Whitney LLP

The Supreme Court Update - November 25, 2024

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On Friday, November 22, 2024, the Supreme Court of the United States dismissed one case and granted certiorari in two cases: Facebook, Inc. v. Amalgamated Bank, No. 23-980: In June, the Court granted certiorari in this...more

Allen Matkins

Supreme Court Hears Argument On Whether "What's Past Is Prologue"

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Yesterday, the United States Supreme Court heard oral argument in Facebook, Inc. v. Amalgamated Bank (S. Ct. Case No. 22-15077).  As presented by Facebook (now known as Meta Platforms, Inc.), the question for the court is as...more

Jones Day

United States Supreme Court to Hear Two Securities Cases This Term

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The Supreme Court is set to hear arguments in two cases concerning the pleading standard in securities fraud class actions....more

Cranfill Sumner LLP

After Jarkesy, What Is Next for In-House Enforcement Proceedings?

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Much virtual ink has been spilled in the weeks and months since the Supreme Court issued its opinion in Securities and Exchange Commission v. Jarkesy—much attesting to that the decision was the death knell for in-house...more

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