Daily Archives: July 1, 2024, 8:56 am

Supreme Court’s Chevron Ruling Limits Power of Federal Agencies – The New York Times

The Supreme Court on Friday reduced the power of executive agencies by sweeping aside a longstanding legal precedent, endangering countless regulations and transferring power from the executive branch to Congress and the courts. The precedent, Chevron v. Natural Resources Defense Council, one of the most cited in American law, requires courts to defer to agencies’ reasonable interpretations of ambiguous statutes.…

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SEC Charges Consensys Software for Unregistered Offers and Sales of Securities Through Its MetaMask Staking Service

The Securities and Exchange Commission today charged Consensys Software Inc. with engaging in the unregistered offer and sale of securities through a service it calls MetaMask Staking and with operating as an unregistered broker through MetaMask Staking and another service it calls MetaMask Swaps. According to the SEC’s complaint, since at least January 2023, Consensys has offered and sold tens…

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1H24 Securities Suit Filings Project YE Totals Ahead of Last Year’s Pace | The D&O Diary

The number of federal court securities class action lawsuit filings in the year’s first half reflected a filing pace that projects year-end numbers ahead of last year’s full-year totals. According to my tally, there were 109 federal court securities class action lawsuit filings in the first six months of 2024. (Please note that the figures in this post do not…

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Bedrock Wall Street Rules Threatened by Supreme Court Ruling

The SEC’s closely watched enforcement case against crypto giant Coinbase Global Inc. was highlighted as an example in a recent report by Bloomberg Intelligence on the potential effects of a high-court ruling to weaken Chevron deference. Ahead of the ruling, legal experts also pointed to new SEC climate reporting rules for public companies as among those that could be most…

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Peak ‘Roaring Kitty’? Dog-Tweet Rally Shows His Power and Limits

The latest social-media frivolity this week from the man known as Roaring Kitty sent traders frantically reading into a cartoon featuring, of all things, a dog. Was Keith Gill getting into WOOF? (Petco Health & Wellness Co.) Perhaps PET? (Wag! Group Co.) Or, quite possibly, the company that was co-founded by Ryan Cohen, GameStop Corp.’s current chief executive, CHWY? (Chewy…

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ESG Investing Foes Cite Chevron’s Downfall in 401(k) Rule Appeal

Red state attorneys general used the US Supreme Court’s new decision overturning the Chevron doctrine to bolster their argument for blocking the Labor Department’s do-good 401(k) investing rule in the Fifth Circuit, just hours after the high court ruled. The DOL’s interpretation of federal benefits law in its 2022 rule on environmental, social, and corporate governance considerations in retirement accounts…

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Chevron Ruling Poised to Boost Business for Corporate Litigators

The Supreme Court’s move to gut a decades-old precedent on agency authority is a big boost for corporate litigators, incentivizing companies and industry trade groups to challenge government regulations and stirring business for the firms that represent them. The June 28 decision to overturn the Chevron doctrine, which empowered regulators to interpret unclear laws, also shows how a single case…

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