Capital Markets and Corporate Law
The Litigation Center has filed numerous briefs supporting limitations on securities litigation.
The Litigation Center, working closely in coordination with the Chamber’s Center for Capital Markets Competitiveness, continues to file regularly in key cases affecting the regulation of capital markets and financial institutions.
In the Supreme Court, we have addressed a wide range of issues, including whether the Private Securities Litigation Reform Act’s discovery stay applies in state courts and whether the “risk factors” disclosed in a securities filing must disclose only future risks or must also disclose whether a risk has come to fruition in the past.
We also have filed several briefs urging state appellate courts to hold that “federal forum provisions” are valid and enforceable; and have filed briefs in support of favorable financial regulations, such as the SEC’s reform of the shareholder proposal process.
Latest Content
Delaware Supreme Court: Pending
View CaseU.S. Chamber files amicus brief urging Delaware Supreme Court to hold that corporations may validate, through a vote of informed and disinterested shareholders, an action challenged in a shareholder derivative suit; and to hold that $345 million attorney fee award is excessive. The Chamber previously filed an amicus brief in this case.U.S. Court of Appeals for the Second Circuit: Pending
View CaseU.S. Chamber files amicus brief urging Second Circuit to uphold sanctions against Russian bank that sought to circumvent U.S. sanctions against Russia.U.S. Court of Appeals for the Second Circuit: Resolved without decision
View CaseSecond Circuit orders the dismissal of Coinbase’s appeal. The parties stipulated to withdrawal of the appeal with prejudice under Federal Rule of Appellate Procedure 42 after the SEC abandoned its related enforcement action against Coinbase. The U.S. Chamber had filed an amicus brief supporting Coinbase’s petition for permission to appeal, urging the Second Circuit to review the important question whether digital-asset transactions in the secondary market constitute investment contracts under the federal securities laws.U.S. Chamber files amicus brief in support of Coinbase’s Section 1292(b) petition for permission to appeal the trial court’s decision in the SEC’s enforcement action, urging the Second Circuit to review the important question whether digital-asset transactions in the secondary market constitute investment contracts under the federal securities laws.Georgia Court of Appeals: Decided
View CaseGeorgia Court of Appeals holds that filing of named plaintiff’s complaint tolls the time for all putative class members to opt out of arbitration agreement, despite agreement’s language specifically providing that customers cannot opt out by filing a lawsuit. The court dismissed some claims arising after an amendment to Georgia’s usury law. The U.S. Chamber filed a coalition amicus brief urging the court to dismiss those claims and enforce the arbitration agreement.U.S. Chamber files coalition amicus brief urging Georgia Court of Appeals to enforce arbitration agreement providing that customers cannot opt out of arbitration by filing a lawsuit.U.S. District Court for the Northern District of Texas: Pending
View CaseChallenge to CFPB Credit Card Late Fees Rule
U.S. Chamber coalition files motion for summary judgment holding the CFPB’s credit card late fees rule unlawful.Northern District of Texas denies CFPB’s motions to transfer Chamber coalition’s challenge to CFPB’s credit card late fees rule and to dissolve the preliminary injunction of that rule, concluding that rule exceeds the agency’s statutory authority.U.S. Court of Appeals for the Ninth Circuit: Pending
View CaseU.S. Chamber files coalition amicus brief urging Ninth Circuit to hold that state laws setting the terms of mortgage escrow accounts offered by federally chartered banks are preempted by the National Bank Act under the standard and methodology described in Cantero v. Bank of America (2024). This is the third amicus brief that the Chamber has filed in this case.Ninth Circuit grants panel rehearing to reconsider whether state laws setting the terms of mortgage escrow accounts offered by federally chartered banks are preempted by the National Bank Act under the standard and methodology described in Cantero v. Bank of America (2024). The U.S. Chamber filed a coalition amicus brief urging the court to grant rehearing.Delaware Supreme Court: Pending
View CaseU.S. Chamber submits amicus brief in Delaware Supreme Court arguing that FDA’s marketing authorization pathways entail vastly different risks, costs, and timing for medical device companies, and courts should not imply a contractual term to which a party would not have clearly agreed.Pennsylvania Superior Court: Pending
View CaseU.S. Chamber files coalition amicus brief urging Pennsylvania Superior Court to overturn or significantly reduce unconstitutionally excessive punitive-damages award.Pennsylvania Supreme Court: Pending
View CaseU.S. Chamber files coalition amicus brief urging Pennsylvania Supreme Court to reject cause of action for corporate veil piercing allowing untimely claims against dissolved business entity.U.S. Court of Appeals for the Fourth Circuit: Decided
View CaseFourth Circuit holds that Servicemembers Civil Relief Act does not include explicit language needed to displace the Federal Arbitration Act’s protections. The U.S. Chamber filed a coalition amicus brief supporting this result.U.S. Chamber files coalition amicus brief urging Fourth Circuit to hold that only clear and explicit statutory language can displace the Federal Arbitration Act’s protections.U.S. Court of Appeals for the Third Circuit: Decided
View CaseThird Circuit grants petition for review and holds that SEC was arbitrary and capricious in issuing conclusory denial of petition for rulemaking. The U.S. Chamber filed an amicus brief supporting this outcome.U.S. Chamber files amicus brief urging Third Circuit to reject the SEC’s conclusory denial of the petition for rulemaking as arbitrary, capricious, and an abuse of discretion under the APA.U.S. District Court for the Eastern District of Texas: Pending
View CaseChallenge to FTC rule amending premerger notification requirements under the Hart-Scott-Rodino Antitrust Improvements Act
U.S. Chamber files coalition lawsuit challenging Federal Trade Commission’s amendments to premerger notification requirements under Hart-Scott-Rodino Antitrust Improvements Act.U.S. District Court for the Southern District of Mississippi: Pending
View CaseU.S. Chamber files coalition amicus brief urging district court to preliminarily enjoin the CFPB’s overdraft rule, which harms consumers and financial institutions and relies on a definition of credit for discretionary overdraft services that exceeds the statutory text of the Truth in Lending Act.U.S. District Court for the Southern District of Ohio: Pending
View CaseChallenge to the Federal Reserve's failure to subject its stress testing models and scenarios to notice-and-comment rulemaking
U.S. Chamber coalition files lawsuit asserting that the annual stress tests used by the Federal Reserve to establish bank capital requirements fail notice and comment procedures under the Administrative Procedure Act.U.S. Supreme Court: Resolved without decision
View CaseU.S. Supreme Court dismisses writ of certiorari as improvidently granted, declining to address whether post hoc expert speculation can be substituted for particularized factual allegations of falsity and scienter. The U.S. Chamber filed an amicus brief supporting the cert. petition.U.S. Chamber files coalition amicus brief urging Supreme Court to prevent securities-fraud plaintiffs from circumventing the Private Securities Litigation Reform Act by substituting post hoc expert speculation for particularized factual allegations of falsity and scienter.U.S. Court of Appeals for the Ninth Circuit: Pending
View CaseU.S. Chamber files coalition amicus brief urging Ninth Circuit to hold that certain line items within a company’s financial statement—as well as an auditor’s audit opinion as a whole—are properly understood as statements of opinion under Omnicare.U.S. Court of Appeals for the D.C. Circuit: Pending
View CaseU.S. Chamber files coalition amicus brief in support of SEC’s 2020 proxy advisor rule. The U.S. Chamber previously filed a coalition amicus brief in this case before the district court.U.S. Supreme Court: Decided
View CaseU.S. Supreme Court dismisses writ of certiorari as improvidently granted, declining to address whether a public company’s risk disclosures can support liability based on a failure to disclose past events.U.S. Chamber files coalition amicus brief urging Supreme Court to hold that a public company’s risk disclosures cannot support liability based on a failure to disclose past events. The Chamber previously filed an amicus brief supporting cert.U.S. Court of Appeals for the Fourth Circuit: Pending
View CaseU.S. Chamber files coalition amicus brief urging Fourth Circuit to affirm denial of class certification in case involving different loan products with different underwriting standards and differently situated plaintiffs.U.S. Court of Appeals for the First Circuit: Pending
View CaseU.S. Chamber files coalition amicus brief urging First Circuit to hold that the National Bank Act preempts a Rhode Island law that sets the terms on which federally chartered banks may offer mortgage escrow accounts authorized by federal law.