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Wall Street’s top regulator faces worsening battle in wake of Supreme Court ruling

Livemint

Livemint · 1y ago

Wall Street’s top regulator faces worsening battle in wake of Supreme Court ruling

The Supreme Court's recent ruling to curb federal agency powers, overturning a 1984 precedent, could have significant implications for the U.S. Securities and Exchange Commission (SEC). Legal experts suggest that the decision may limit the SEC's ability to establish new rules and invite more litigation. The ruling means that courts, rather than agencies, will determine if regulatory actions are within the law, potentially making it more challenging for the SEC to adapt its regulations to changing circumstances. This shift aligns with the broader conservative agenda to weaken federal agencies.

Related News

US Supreme Court won't review Apple's win against $503 million patent verdict

Economic Times

Economic Times · 1y ago

US Supreme Court won't review Apple's win against $503 million patent verdict

The U.S. Supreme Court has denied patent-licensing company VirnetX's appeal to revive a $502.8 million jury verdict against Apple. The verdict was reached in a dispute over internet-security patents, with VirnetX claiming that Apple's iPhones and iPads infringed its patents relating to virtual private networks. The decision upholds a lower court ruling that overturned the verdict. VirnetX had challenged the U.S. Patent and Trademark Office's invalidation of its patents, but the courts have now upheld the decisions to invalidate them. The 14-year legal battle between the two companies continues.

When Roy’s Sahara walked on the wrong side of the law, and lost

Livemint

Livemint · 1y ago

When Roy’s Sahara walked on the wrong side of the law, and lost

The article discusses the litigation surrounding the Sahara group and the ₹25,000 crore that is currently with the capital markets regulator for distribution to investors. It mentions the orders given by Sebi in 2011 to two Sahara group firms to refund money raised from investors, and the subsequent Supreme Court ruling upholding Sebi's directions. The article also highlights the probe into investments by cooperatives linked to Sahara group and the refund process initiated by the cooperation ministry.

GST Battle: Online Gaming Companies' Supreme Court Test

Money Control

Money Control · 1y ago

GST Battle: Online Gaming Companies' Supreme Court Test

Online gaming companies and federations are taking their battle against crippling financial notices related to Goods and Services Tax (GST) to the Supreme Court. They are seeking relief from the financial burden imposed by the GST regulations. The Supreme Court will be hearing their pleas as these companies face a significant challenge in dealing with the GST matter.

SC stays order quashing ₹21,000-crore GST notice to Gameskraft

BQ Prime

BQ Prime · 1y ago

SC stays order quashing ₹21,000-crore GST notice to Gameskraft

The Supreme Court has halted the enforcement of a Karnataka High Court decision that invalidated a ₹21,000-crore show-cause notice issued by the Directorate General of GST Intelligence (DGGI) to Gameskraft Technologies. According to the DGGI, Gameskraft has amassed ₹70,000 crore in betting funds from approximately 45 lakh players over five years. The DGGI also argued that, based on a Supreme Court ruling, games played with stakes are liable to GST.

Court eases curbs on Biden administration's contacts with social media firms

Economic Times

Economic Times · 1y ago

Court eases curbs on Biden administration's contacts with social media firms

A federal appeals court has ruled that the White House, the FBI, and top health officials cannot "coerce or significantly encourage" social media companies to remove content the Biden administration deems as misinformation, including COVID-19-related content. The court's decision comes after a lower-court judge found that U.S. officials illegally coerced social media platforms into censoring content. The ruling was seen as a victory for free speech protections under the First Amendment, although much of the injunction was narrowed. The case will now be reviewed by the U.S. Supreme Court.

X braces for Brazil shutdown as legal spat between Elon Musk, judge intensifies

Economic Times

Economic Times · 11m ago

X braces for Brazil shutdown as legal spat between Elon Musk, judge intensifies

Social media platform X expects Brazil's Supreme Court to order its shutdown after a legal battle over compliance with local laws and Elon Musk's claims of censorship. The court has recently blocked the local bank accounts of Musk's Starlink satellite internet firm and issued fines to X for non-compliance. The dispute revolves around whether the court can order X to block certain accounts accused of spreading lies. Musk has criticized the judge's actions and Starlink has accused him of issuing orders without due process. This conflict jeopardizes X's presence in one of its top markets.

Supreme Court won't decide Nvidia securities fraud case after all

Economic Times

Economic Times · 8m ago

Supreme Court won't decide Nvidia securities fraud case after all

The Supreme Court has dismissed a securities fraud case against Nvidia, stating that it was a mistake to take it up. This decision upholds an appeals court ruling, allowing the case to proceed. During the arguments, several Supreme Court justices expressed frustration with the lawyers' arguments, suggesting that the court should not have granted the review. The key question in the case was whether the plaintiffs had satisfied the requirements of a 1995 law, the Private Securities Litigation Reform Act, regarding the level of detail and evidence needed for their claims.

Startups challenge Madras HC order on Google's billing system in Supreme Court

Money Control

Money Control · 1y ago

Startups challenge Madras HC order on Google's billing system in Supreme Court

A group of startups has taken their legal battle against Google's app billing policy to the Supreme Court of India. The startups filed appeals after the Madras High Court dismissed their plea challenging Google's policy. The case is expected to be heard by the Supreme Court on February 9. The startups had initially approached the state high court after Google threatened to delist them from the Play Store if they didn't adopt its new app billing policy. The Competition Commission of India has already fined Google for abusing its dominant position in relation to Play Store policies.

Elon Musk fights for free speech in Brazil

Livemint

Livemint · 11m ago

Elon Musk fights for free speech in Brazil

Brazil's crackdown on free speech and denial of due process is worsening, with Supreme Court Judge Alexandre de Moraes shutting down Elon Musk's X social-media site and announcing a freeze of the financial accounts of Starlink, Musk's SpaceX satellite system. Moraes views social-media influencers as purveyors of disinformation and a threat to democracy, leading him to silence them. Musk, who values free speech, refuses to comply. This conflict highlights the erosion of separation of powers and the role of the Brazilian high court in politics. Further repression will only harm Brazilian democracy.

Update makes X available again to many in Brazil

Economic Times

Economic Times · 10m ago

Update makes X available again to many in Brazil

Users in Brazil were able to access social media platform X despite a block order by the country's Supreme Court. X used third-party cloud services, allowing some Brazilian users to reach the platform without a virtual private network. The number of Brazilian users accessing X is unknown. The Supreme Court had ordered mobile and internet service providers to block the platform following a dispute between X owner Elon Musk and a Brazilian Justice. The national telecommunications agency is now working to comply with the court ruling and block access to X again.

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