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Chancellor urges Dela. Supreme Court to change test for second-bite derivative suits

Corporate defendants are not going to like this. Not one bit.

Memo to Jeff Sessions: If you care about rule of law, don’t resign

Attorney General Jeff Sessions must wake up every morning wondering new presidential condemnation the day will bring. Last week was the New York Times interview in which President Trump said he wouldn’t have appointed Sessions – Trump’s first and for a long time only supporter in the U.S. Senate – had he known Sessions would step aside from the Justice Department’s investigation of possible collusion between the Trump campaign and Russia during the 2016 presidential election.

SCOTUS petition claims Justice memo is smoking gun on SEC ALJs

On Friday, lawyers for onetime “Buckets of Money” radio host Raymond Lucia filed a petition asking the U.S. Supreme Court to review whether the Securities and Exchange Commission’s use of administrative law judges is unconstitutional under the Appointments Clause. And according to the petition, one of the strongest arguments that SEC ALJs are subject to the clause comes from a 2007 memo from the Justice Department - the same Justice Department that has been defending the SEC in a spa

Would Trump self-pardon end Russia investigations?

The Washington Post reported Thursday that President Donald Trump is talking to advisers about issuing pardons to aides, family members and even himself in order to undermine Special Counsel Robert Mueller’s widening Russia investigation. Trump outside counsel John Dowd told my Reuters colleague Karen Freifeld that the Post's "stuff on pardons is nonsense," Dowd said. "It's just a smear job on the president. It’s not true.”

Shareholder alert: SEC commissioner floats class-action-killing proposal

This could be the start of something huge: Securities and Exchange Commissioner Michael Piwowar said in a speech Monday to the Heritage Foundation that the SEC is open to the idea of allowing companies contemplating initial public offerings to include mandatory shareholder arbitration provisions in corporate charters. If Piwowar’s statements, first reported by my Reuters colleague Sarah Lynch, mark a new SEC policy on mandatory arbitration, they could be the beginning of the end of s

Could it be Kasowitz is actually a voice of restraint for Trump?

Over the weekend, Axios and Bloomberg ran stories about a shakeup in President Donald Trump's legal team, reporting that longtime Trump lawyer Marc Kasowitz of Kasowitz Benson Torres is expected to play a diminished role as the president responds to investigations of his campaign's ties to Russia.

Conagra’s new SCOTUS pitch: Seesaw week proves need for ascertainability review

Late Thursday, Conagra filed a new brief at the U.S. Supreme Court, asserting an irrefutable argument: If there was any doubt that federal appellate courts continue to struggle with the issue of class certification and identifying class members, this week resolved it. According to Conagra, rulings in the last seven days from the 2nd and 6th Circuit Courts of Appeals make it all the more obvious that the Supreme Court must tell the lower courts what to do about class action ascertaina

Pimco sues Wells Fargo, claims MBS trustee ‘looted’ trusts to pay legal fees

Several Pimco investment funds are accusing the mortgage-backed securities trustee Wells Fargo of misusing noteholder money to pay its own legal expenses.

7th Circuit chief judge goes to war over … jurisdictional statements?

Describing Judge Diane Wood of the 7th Circuit Court of Appeals as a stickler for the rules of appellate procedure is like calling ice cream cold, based on the evidence of a pair of orders she filed Monday.

2nd Circuit’s Petrobras opinion is bad news for class action defendants at SCOTUS

On June 30, U.S. Supreme Court Chief Justice John Roberts disclosed an intriguing tidbit about how he reads briefs to hundreds of federal judges and appellate lawyers gathered at a federal judicial conference in Pennsylvania.

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Viewsroom: Wells Fargo stagecoach hits a ditch

The bank that steered clear of the financial crisis breaks down after creating 2 mln fake accounts. New evidence undermines Donald Trump's claims few benefit from the U.S. economic recovery. And why Hanjin's corporate capsize may prompt attempts to fix to shipping-industry woes.

Politics Unfiltered