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The Major Supreme Court Cases of 2024No Supreme Court term in recent memory has featured so many cases with the potential to transform American society. In 2015, the Supreme Court limited the sweep of the statute at issue in the case, the Sarbanes-Oxley Act of 2002. In 2023, the Supreme Court temporarily blocked efforts to severely curb access to the pill, mifepristone, as an appeal moved forward. A series of Supreme Court decisions say that making race the predominant factor in drawing voting districts violates the Constitution. The difference matters because the Supreme Court has said that only racial gerrymandering may be challenged in federal court under the Constitution.

Persons: Donald J, Trump, Anderson, Sotomayor Jackson Kagan, Roberts Kavanaugh Barrett Gorsuch Alito Thomas, Salmon, “, ”, Mr, Nixon, Richard M, privilege.But, Fitzgerald, Vance, John G, Roberts, Fischer, Ruth Bader Ginsburg, Clarence Thomas, Samuel A, Alito Jr, Alito, ’, Moyle, Wade, Roe, Johnson, Robinson, Moody, Paxton, Robins, Media Murthy, Sullivan, Murthy, Biden, Harrington, Sackler, Alexander, Jan, Raimondo, ” Paul D, Clement, Dodd, Frank, Homer, Cargill Organizations: Harvard, Stanford, University of Texas, Trump, Liberal, Sotomayor Jackson Kagan Conservative, Colorado, Former, Trump v . United, United, Sarbanes, Oxley, U.S, Capitol, Drug Administration, Alliance, Hippocratic, Jackson, Health, Supreme, Labor, New York, Homeless, Miami Herald, Media, Biden, National Rifle Association, Rifle Association of America, New York State, Purdue Pharma, . South Carolina State Conference of, Federal, Loper Bright Enterprises, . Department of Commerce, Chevron, Natural Resources Defense, ”, SCOTUSPoll, Consumer Financial, Community Financial Services Association of America, Securities, Exchange Commission, Exchange, Occupational Safety, Commission, Lucia v . Securities, Federal Trade Commission, Internal Revenue Service, Environmental Protection Agency, Social Security Administration, National Labor Relations Board, Air Pollution Ohio, Environmental, Guns Garland, Alcohol, Tobacco, Firearms, Explosives, National Firearms, Gun Control Locations: Colorado, Trump v . United States, United States, Nixon, Florida, Gulf of Mexico, Dobbs v, Idaho, Roe, Texas, States, New, New York, Grants, Oregon, . California, Martin v, Boise, Boise , Idaho, Missouri, Parkland, Fla, Murthy v . Missouri, . Missouri, ., South Carolina, Alabama, SCOTUSPoll, Lucia v, Western

☆ Live Updates: Justices to Hear Obstruction Case That Could Bar Charges Against Trump
▼ + stars: | 2024-04-16 | by ( Adam Liptak | ) www.nytimes.com time to read: +6 min

Still, in an earlier case involving a different provision of the law, the Supreme Court said it should be tethered to its original purpose. Mr. Fischer is accused of entering the Capitol around 3:24 p.m. on Jan. 6, 2021, with the counting of electoral ballots having been suspended after the initial assault. But the question for the justices is legal, not factual: Does the 2002 law cover what Mr. Fischer is accused of? Indeed, the judges in the majority in an appeals court ruling against Mr. Fischer could not agree on just what the word meant. By a 5-to-4 vote, the Supreme Court agreed.

Persons: Donald J, Trump, Joseph W, Fischer, Trump’s, “, Mr, Judge Florence Y, Pan, Fischer’s, Justin R, Walker, Judge Walker, corruptly ’, ”, Judge Gregory G, Katsas, ” Judge Katsas, Ruth Bader Ginsburg, Elena Kagan, Kagan, Seuss Organizations: Sarbanes, Oxley, Enron, Capitol, Mr, ” Prosecutors, Yates, Supreme Locations: United States

☆ Justices to Hear Obstruction Case That Could Bar Charges Against Trump
▼ + stars: | 2024-04-16 | by ( Adam Liptak | ) www.nytimes.com time to read: +1 min

The Supreme Court will hear arguments on Tuesday in a case that could eliminate some of the federal charges against former President Donald J. Trump in the case accusing him of plotting to subvert the 2020 election and could disrupt the prosecutions of hundreds of rioters involved in the Capitol attack. The law figures in two of the federal charges against Mr. Trump in his election subversion case, and more than 350 people who stormed the Capitol have been prosecuted under it. If the Supreme Court sides with Mr. Fischer and says the statute does not cover what he is accused of having done, Mr. Trump is almost certain to contend that it does not apply to his conduct, either. The law, signed in 2002, was prompted by accounting fraud and the destruction of documents, but the provision is written in broad terms. Still, in an earlier case involving a different provision of the law, the Supreme Court said it should be tethered to its original purpose.

Persons: Donald J, Trump, Joseph W, Fischer Organizations: Sarbanes, Oxley, Enron, Capitol, Mr

☆ Justices question obstruction charge in Jan 6 rioter prosecution, which could affect Trump's case
▼ + stars: | 2024-04-16 | by ( Lawrence Hurley | Ryan J. Reilly | ) www.cnbc.com time to read: +4 min

Some justices expressed similar sentiments during Tuesday's arguments, asking whether the statute in question could be used to prosecute peaceful protesters, including people who at times have disrupted Supreme Court proceedings. Trump himself faces charges of violating the same law, as well as conspiracy to obstruct an official proceeding. Fischer faces seven criminal charges, only one of which is the focus of the Supreme Court case. He also faces charges of assaulting a police officer and entering a restricted building, among others. Conservative Justice Brett Kavanaugh questioned why the Justice Department needed to charge Fischer using the obstruction statute, noting that he faces the six other charges.

Persons: Micki Witthoeft, Ashli Babbitt, Fischer, WASHINGTON, Donald Trump, Joseph Fischer, Joe Biden's, Trump, Neil Gorsuch, Clarence Thomas, Brett Kavanaugh, Ginni Thomas, Trump's Organizations: U.S ., Appeals, District of Columbia, WASHINGTON —, U.S . Capitol, State, Trump, Conservative, Justice Department, Sarbanes, Oxley, Capitol, Prosecutors Locations: Washington ,, U.S, Washington, New York, Trump's

☆ Jan. 6 Obstruction Case at Supreme Court Could Help Trump and Many Others
▼ + stars: | 2024-04-14 | by ( Adam Liptak | ) www.nytimes.com time to read: +1 min

At first blush, the case the Supreme Court will hear on Tuesday seems technical, requiring the justices to parse a decades-old statute mainly concerned with the destruction of business records. But the case has the potential to knock out half of the federal charges against former President Donald J. Trump for plotting to subvert the 2020 election, entangle hundreds of Jan. 6 prosecutions and help adjudicate the very meaning of the attack on the Capitol. The immediate question for the justices is whether a federal law aimed primarily at white-collar crime, the Sarbanes-Oxley Act of 2002, can be used to prosecute members of the mob who stormed the Capitol, including the defendant in the case, Joseph W. Fischer, a former Pennsylvania police officer. More than 300 people have been prosecuted under the law, which makes it a crime to obstruct an official proceeding. But its language is broad, and prosecutors say its plain terms cover Mr. Fischer’s conduct.

Persons: Donald J, Trump, Joseph W, Fischer, Fischer’s Organizations: Capitol, Sarbanes, Oxley, Enron Locations: Pennsylvania

☆ Tesla whistleblowers filed a complaint to the SEC in 2021, but the agency never interviewed them. Here's what the complaint said
▼ + stars: | 2023-10-12 | by ( Lora Kolodny | ) www.cnbc.com time to read: +22 min

With a "goodwill" repair, Tesla essentially foots the bill for labor, parts or accessories given to keep a customer happy. "Were Tesla to accurately categorize its 'goodwill' repairs as warranty repairs, it would likely need to restate earnings for every quarter since at least 2017," the tipsters wrote in their submission. In one example, the tipsters said screenshots showed other Tesla employees changed the status of material used in manufacturing from "scrap" to "work in progress." In another example, the complaint said screenshots showed Tesla employees had manually changed the status of "used" cars to "new" in a program that tracked vehicle deliveries data. In correspondence to the agency expanding on their complaint, the whistleblowers alleged this raises questions about the firm's independence and objectivity in judging Tesla's financials.

Persons: Brandon Bell, Elon, Tesla's, Tesla, Musk, Ann Lipton, Lipton, Karen Nelson, Nelson, Nicholas Parks, it's, Oxley, restate financials Organizations: Getty, U.S . Securities, Exchange Commission, SEC, PricewaterhouseCoopers, CNBC . Agency staff, CNBC, Twitter, Tulane Law School, University of Chicago Law School, Securities, Sarbanes, Oxley, Texas Christian University, Public Company, Tesla, Parks, Nelson, Business, Exchange, Board, SpaceX, The Boring, California Alternative Energy, Transportation Financing Authority Locations: Austin , Texas, Tesla, California, U.S, Delaware

☆ Bankman-Fried circus will be a singular clown show
▼ + stars: | 2023-10-04 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +3 min

NEW YORK, Oct 4 (Reuters Breakingviews) - All eyes are on Sam Bankman-Fried as the cryptocurrency founder’s criminal trial gets underway this week. The high-profile case bears similarities to past scandals such as Enron and Countrywide Financial, when regulation followed investigations. Lawmakers hauled Wall Street analysts up to Capitol Hill to grill them about their “buy” ratings. Importantly, legislators passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, forcing banks to hold more capital, among other stipulations. It also is less prevalent – less than 20% of Americans have invested in crypto, according to the Pew Research Center.

Persons: Sam Bankman, FTX’s, Ken Lay, Arthur Andersen, Dodd, Frank Wall, Tom Brady, Bill Clinton, Fried, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, Enron, Countrywide Financial, Countrywide, Bank of America, Lawmakers, Sarbanes, Oxley, Frank Wall Street Reform, Consumer, The Securities, Exchange Commission, Pew Research Center, Louis Federal Reserve, Southern, Thomson Locations: Manhattan, New

☆ Former SEC chief Harvey Pitt passes away at 78
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

May 31 (Reuters) - Harvey Pitt, a former chairman of the U.S. Securities and Exchange Commission, passed away on Tuesday, according to a statement from the director of the SEC Historical Society shared with Reuters. At the time, fellow SEC Commissioner Roel Campos said: "There has certainly never been anyone who loved this agency more than Chairman Pitt." Pitt was a graduate of St. John's University School of Law and the City University of New York, according to the SEC's website. He passed away on Tuesday, according to the statement from Jane Cobb, executive director of the SEC Historical Society. "Over the years, Harvey has been extremely generous with his time and sage advice," said Michael Piwowar, a former SEC commissioner.

Persons: Harvey Pitt, Pitt, George W, Bush, Roel Campos, Jane Cobb, Harvey, Michael Piwowar, Chris Prentice, Douglas Gillison, Niket, Shinjini Ganguli, Paul Simao Organizations: U.S . Securities, Exchange Commission, SEC Historical Society, Reuters, SEC, FBI, Enron, San Francisco Chronicle, Oxley, St, John's University School of Law, City University of New, Georgetown University, University of Pennsylvania, Kalorama Partners, Thomson Locations: City University of New York, Washington, New York, Bengaluru

Companies UBS Group AG FollowMay 1 (Reuters) - The U.S. Supreme Court on Monday agreed to examine how difficult it should be for financial whistleblowers to win retaliation lawsuits against their employers as the justices took up a long-running case involving Switzerland's UBS Group AG (UBSG.S). A Supreme Court ruling in favor of UBS could significantly curtail financial whistleblower lawsuits because it is often difficult for plaintiffs to prove a defendant's motives. Robert Herbst, a lawyer for Murray, said the 2nd Circuit decision ignored the text of the whistleblower law, adding that he looked forward to arguing the case before the Supreme Court. A UBS spokesperson said, "We expect the court will uphold the 2nd Circuit's decision." The Supreme Court is due to hear the case in its next term, which begins in October.

☆ Lack of Crypto Audit Regulation Raises Questions About PCAOB Authority
▼ + stars: | 2023-02-17 | by ( Mark Maurer | ) www.wsj.com time to read: +6 min

Additionally, there isn’t a regulatory framework for audits for many crypto companies. The SEC, which oversees the PCAOB, is reviewing how crypto companies portray reports from audit firms in the aftermath of the FTX collapse. The PCAOB—which sets audit standards, inspects audits and disciplines audit firms—has said it can only oversee audits of public companies and SEC-registered broker-dealers. In a letter last month to PCAOB Chair Erica Williams, they said the watchdog ignored what they called questionable practices by auditors of crypto companies. Even potential improvements to crypto audit regulation might not prevent fraud in the crypto industry, said Andrew Kitto, an assistant professor of accounting at the University of Massachusetts Amherst and a former PCAOB economic research fellow.

Garvey had argued that the Sarbanes–Oxley Act of 2002 (SOX), which protects workers who report securities violations, can apply to securities fraud that occurs overseas but affects U.S. markets. Circuit said SOX's whistleblower protections do not prohibit securities fraud, so any impact on the U.S. was irrelevant in applying the law. Nor did Morgan Stanley, which has denied retaliating against Garvey. An administrative law judge ruled that SOX did not apply to overseas workers, and a review board agreed last year. For Garvey: pro seFor DOL: Reynaldo FuentesFor Morgan Stanley: Michael Kenneally of Morgan Lewis & BockiusOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. Audit Watchdog Looks to Strengthen Rules on Quality Controls
▼ + stars: | 2022-11-18 | by ( Mark Maurer | ) www.wsj.com time to read: +5 min

The regulator inspects audit firms’ approach to quality controls as part of its reviews. Fourteen audit firms issued audit reports for over 100 businesses apiece last year, the PCAOB’s website shows. Audit firms would have to conduct the first evaluation of their quality controls by the following Nov. 30. It is considering revising changes to rules on confirmations, a process by which audit firms obtain and evaluate audit evidence from independent third parties. The regulator is working to update more than 30 audit rules related to 10 of its standard-setting projects, many of which refer to outdated technology.

EY’s leaders last week approved separating the professional-services firm’s consulting and auditing businesses. The consulting firm, which doesn’t have an official name yet, has to make sure its branding doesn’t confuse prospective or existing clients, she said. EY trailed Deloitte and PwC in both its total revenue, $39.96 billion, and consulting revenue in the 2021 fiscal year. EY’s planned split has drawn comparisons to when Andersen Consulting separated from defunct accounting firm Arthur Andersen in 2001 and subsequently rebranded as Accenture. Companies could be inclined to stick with their existing consulting firm, rather than try out a new one, if they are uncertain about their outlook, Mr. Tellis said.

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