One America News Network By OANN
WASHINGTON (Reuters) – The U.S. Supreme Court is set to consider bids by two tech giants – Meta’s (META.O) Facebook and Nvidia (NVDA.O) – to fend off federal securities fraud lawsuits in separate cases that could make it harder for private litigants to hold companies to account.
After a trio of Supreme Court rulings in June that weakened federal regulators – including the Securities and Exchange Commission that polices securities fraud – the justices may now be poised to rein in the power of private plaintiffs to enforce federal rules aimed at punishing corporate misconduct.
Andrew Feller, a former SEC lawyer now in private practice, said the Supreme Court’s recent track record of handing down business-friendly decisions that narrowed the authority of federal regulators suggests that Facebook and Nvidia may similarly find “a receptive audience” before the justices.
The Supreme Court has a 6-3 conservative majority.
“I think business interests will continue their recent pattern of aggressively challenging rules intended to hold them accountable, including by challenging the remaining private rights of action,” Feller said.
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