Columbia Law School
Sky Blog
Supreme Court
Supreme Court’s Recent Interpretation of Wire Fraud Confirms Confidential Government Information Is Property
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 …
Sullivan & Cromwell Discusses Supreme Court’s Broad Interpretation of Federal Wire Fraud Statute
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 …
Securities Regulation and Administrative Law in the Roberts Court
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 …
Paul Weiss Discusses Section 11 Liability for Companies Going Public Through Direct Listing
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 …
The Role of AI in Judicial Decision-Making
[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 …
Skadden Discusses What Decisions May Look Like After Chevron’s Demise
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 …
Skadden Discusses Jarkesy’s Impact on Other In-House Enforcement Procedures
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 …
Does Expected Shareholder Litigation Affect Corporate ESG Reporting?
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 …
Wachtell Lipton Discusses the Supreme Court’s Business Docket Last Term
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 …
Post-Fischer Decision Obstruction Laws Remain a Threat to Corporate Executives
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 …
Big Business Take Note: Rule by Judiciary Isn’t the Boon You May Think It Is
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 …
Cleary Gottlieb Discusses How CFPB Has Fared Since Challenge to Its Funding Structure
The Supreme Court recently upheld the Consumer Financial Protection Bureau’s funding structure in a 7–2 decision that will likely pave the way for renewed regulatory activity by the agency in the near future.
Enacted as part of the Dodd-Frank Act, …
Cleary Gottlieb Discusses Scotus Ruling on Who Decides If a Dispute Is Arbitrable
On May 23, 2024, the United States Supreme Court unanimously held in Coinbase, Inc. v. Suski that where there are two competing contracts – one requiring the arbitration of disputes (including the arbitrator deciding whether a dispute is arbitrable), and …
Undue Limitations in the Section 10(b) Purchaser-Seller Requirement
In a forthcoming article, we address recent restrictions and diverging approaches among the federal courts to the purchaser-seller requirement for a private action under Section 10(b) of the Securities Exchange Act and Rule 10b-5. The “Purchaser-Seller Rule,” commonly …
Why Sovereign Debt Speculation Should Be Regulated in the United States
Funds that speculate in sovereign debt, so-called “vulture funds,” are often roundly criticized. They purchase distressed debt on the secondary market at reduced prices and then seek payment in court at face value plus interest, penalties, and fees.[1] Although …
Skadden Discusses Scotus Ruling That Omissions Not Actionable Under Section 10(b) of Exchange Act
On April 12, 2024, the Supreme Court unanimously reversed and vacated the Second Circuit’s decision in Macquarie Infrastructure Corporation v. Moab Partners, L.P. Justice Sonia Sotomayor delivered the opinion for the Court. The issue presented was whether the failure to …
Ropes & Gray Discusses Supreme Court Ruling on SOX Retaliation Claims
Plaintiffs bringing retaliation claims under the Sarbanes-Oxley Act do not have to prove their employers’ “retaliatory intent,” only that their whistleblowing activity contributed to their termination, according to a recent ruling by the U.S. Supreme Court. In a unanimous opinion …
How Physics Informs Law
In a new article, I observe that an accurate understanding of intersecting bodies of law can sometimes turn on the scale of observation. In particular, I examine how the intersection of commercial and bankruptcy law creates uncertainty whether a transfer …
U.S. Supreme Court Considers Whether Pure Omissions Can Support Section 10(b) Liability
On January 16, 2024, the U.S. Supreme Court held oral argument on a question that could have significant consequences for securities litigants: whether a failure to disclose information under Item 303 of Regulation S-K is, standing alone, an actionable omission …