In the 2022-2023 term, the Supreme Court will address the definition of “property” under the federal wire fraud statute, which prohibits a person from “obtaining money or property by means of false pretenses.” 18 U.S.C. § 1343. The definition of “property” for the purposes of this statute has been much debated—need “property” be economic in nature? Must it be tangible? Can one’s admission to a university constitute “property”? … More
Category Archives: Supreme Court
The Supreme Court in Seila Law LLC v. Consumer Financial Protection Bureau held that the structure of the Consumer Financial Protection Bureau (“CFPB”) violated the separation of powers, but stopped short of finding the entire agency unconstitutional and instead held the CFPB could live on with a director who was removable at will by the President.
The Court reasoned that the CFPB’s “unique structure” was unconstitutional because the agency was “vested with significant executive power” but was led by a single director who was,… More
On Tuesday, the Supreme Court heard oral argument in Liu v. SEC, which concerns whether, or to what extent, the SEC may ask courts to disgorge defendants’ ill-gotten gains. As I discussed in a previous post, disgorgement accounts for most of the SEC’s money judgments, and its elimination would be a significant victory for defendants. Yet if oral argument is any indication,… More
Editors’ Note: This is the fourth in our start-of-year series examining important trends in white collar law and investigations in the coming year. Our previous entry discussed anti-corruption trends in 2020. Up next: a look at State Attorney General trends. Look for additional posts throughout the month of January.
More than halfway into the Donald Trump administration,… More
The Supreme Court has granted certiorari to hear a challenge to the constitutionality of the Consumer Financial Protection Bureau (CFPB). While the CFPB won in the Ninth Circuit, the agency has since changed its mind and now agrees that its structure, which makes the single director of an independent agency removable only for cause, is unconstitutional, and also asked the Court to grant certiorari. … More