We do want to get back to more breaking
news from the Supreme Court, the decision coming down that it's curbing
the use of in-house judges in fraud cases, that it backs the right to jury
trial for some SCC defendants. Joining us now with more is Bloomberg
balance of power cohost Kelly Lines in Washington.
And this certainly seems like a blow to the FCC.
It is indeed. Katie the sec uses this in-house
tribunal system to try hundreds of fraud cases a year and now that power is going
to be pulled back by the highest court in the land.
Essentially, what the Supreme Court has decided here is that those fraud
defendants do have a right to a jury trial rather than being tried by the
in-house judges at the SCC. And this potentially is removing a key
enforcement mechanism for the Securities and Exchange Commission under the chair,
Gary Gensler. This will very much change the way in
which the SEC conducts its enforcement actions and cases.
And this is not the only decision that the Supreme Court has to decide within
the next few days as we reach the end of the term here.
That could affect the SEC. Not only does the court potentially have
the power, as they did today, to deal a blow to the in-house judges in the way
the FTC does business In that case, we are still awaiting a verdict from the
court on the Chevron doctrine. This is something that essentially gives
agencies, including the likes of the SEC and the EPA, the leeway to read law.
That is unclear in the way the regulators choose.
If they pull that back, that would significantly restrict the ability of
these agencies to do so. So we're still awaiting that decision.
But of course, we got the FCC curbing the in-house use of judges in SEC fraud
cases today. And that's not the only one.
The Supreme Court also has rejected the opioid pact with the billionaire Sackler
family that was in control of Purdue Pharma.
They, of course, had said that they would give up control of the company and
pay a $6 billion fine. But the court finding today that that in
properly shields them. The Supreme Court also has blocked the
EPA's good neighbor ozone rule. And I would remind you, we still have
about ten cases that the court has yet to decide.
Yet to decide, Katie. And of course, Bloomberg yesterday got
its eyes on a yet to be released final opinion that had the court backing
emergency abortions in Idaho. So a lot of news from the high court
here in Washington today.
