July 2, 2024 - In the past week, the United States Supreme Court published three important cases that could have very significant ramifications nationally and more particularly for the financial services industry.  In Loper Bright, the Supreme Court overturned the “Chevron Doctrine” that  required courts to defer to regulators’ interpretations of ambiguous statutes; in Corner Post, the Court vastly extended the time in which plaintiffs can challenge administrative rules; and in Jarkesy, the Court limited the ability of agencies to rely on administrative courts when bringing fraud charges against defendants. 

In the financial services domain each of these decisions is very significant on its own. Taken together, they could represent a secular change in the relationship between financial services regulators and market participants. 

In the coming weeks we will examine each of the decisions with an eye toward how they might impact the credit markets.  In the meantime, please refer to the following articles and law firm memos that briefly summarize each of the decisions. 

• Jarkesey:
  SCOTUSblog
• Arnold & Porter
• Loper Bright:
  SCOTUSblog
• Corner Post:
  AP