Sky Blog
Since the Securities Act of 1933, Congress has created and carefully maintained a two-track enforcement system that relies on both public enforcement and private enforcement to prevent fraud and protect investors. Congress has at times adjusted the balance of advantage …
The Fourth Circuit recently reversed a grant of class certification in a securities fraud action against Boeing, adopting a rigorous approach for establishing class-wide predominance as to damages. In Office of General Treasurer on behalf of Employees Retirement System v. …
The Supreme Court’s October Term 2025 was one of the most consequential in years. While the Court grappled with contentious, blockbuster cases concerning birthright citizenship, voting rights, and transgender rights, the Term ultimately was dominated by disputes testing — and, …
On June 11, 2026, the U.S. Supreme Court issued its ruling in FS Credit Opportunities Corp. v. Saba Capital Master Fund, Ltd., holding that Section 47(b) of the Investment Company Act (the ICA) does not provide an implied private …
In a unanimous decision issued today in Sripetch v. SEC, the Supreme Court held that the SEC need not prove that investors suffered any actual pecuniary loss in order to obtain disgorgement for securities-law violations. The decision resolves …
Following on the heels of last year’s blockbuster Term, the Supreme Court recently concluded another of equal consequence. But even as the Court grappled with contentious issues ranging from birthright citizenship to the process owed deportees, it also issued significant …
Most industry and academic discussion about the Fed focuses, as is appropriate, on the Federal Reserve Board of Governors’ role in managing monetary policy and, in particular, its tools for managing interest rates and inflation in the shadow of tariffs …
Last month, we circulated Shadow SEC Statement No. 4, which urged caution in legislating major changes in the Public Company Accounting Oversight Board (“PCAOB”) or its funding. The Senate nonetheless took up a bill that would have transferred the PCAOB’s …
For nearly 40 years, regardless of whether confidential information belonged to a governmental entity or a private-sector business, its misappropriation could be prosecuted as a property crime. Lower federal courts relied on Carpenter v. United States,[1] a well-known …
In a notable decision issued on May 22, 2025, Kousisis v. United States, the U.S. Supreme Court held that a defendant may be convicted of wire fraud under 18 U.S.C. § 1343 even when the scheme does not result in …
In a new essay, I compare a judicial revolution that is happening with one that is not. Both the change and the status quo are being managed by the current Supreme Court. , When it comes to administrative law, the …
On April 4, 2025, a federal district court in Colorado dismissed a Section 11 claim arising out of a direct listing and concluded that recent Supreme Court precedent “likely forecloses Section 11 liability in the direct listing context” altogether. The …
[Authors’ Note: This post was written by the large language model, Claude.AI (professional plan), after being fed our paper and asked to summarize it. We have lightly edited the post.]
Can artificial intelligence replace human judges? This question, once confined …
In Garland v. Cargill, the U.S. Supreme Court held that the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) exceeded its statutory authority by issuing a rule that classifies bump stocks as “machineguns” under the National Firearms Act of …
In Securities and Exchange Commission v. Jarkesy, the U.S. Supreme Court held that “the Seventh Amendment entitles a defendant to a jury trial when the [Securities and Exchange Commission] seeks civil penalties against him for securities fraud.”
In its …
Many firms now issue ESG reports voluntarily in response to fast-growing investor and stakeholder demand. Yet survey evidence shows that corporate lawyers consider ESG-related disputes a top source of litigation risk for their clients.[1] In a new study, we …
On July 1, the U.S. Supreme Court concluded its most consequential Term in years, with a flood of decisions on contentious issues ranging from abortion access to the regulation of social media companies and gun possession to presidential immunity. The …
While the U.S. Supreme Court’s June 28 decision in Fischer v. United States rejected a broad application of certain Enron-era obstruction of justice laws, it reaffirmed the original corporate responsibility focus of those laws. In so doing, the decision reminds …
The press has largely reported the Supreme Court’s two recent decisions unravelling Chevron deference to administrative agency interpretations of law and extending the time for parties to challenge agency actions as big wins for big businesses — the culmination of …