The panel ruled that notes issued under indentures are not equity interests, but regular-interest certificates representing beneficial interests trigger the look-through exception, subjecting underlying mortgages to fiduciary duties.
A unanimous panel held that economist J. Gregory Sidak's suit against the International Trade Commission was neither too early nor too late, upholding a permanent injunction against an investigation built on an order from an ALJ whose appointment was never ratified.
The Second Circuit held that Switzerland's role in the UBS-Credit Suisse rescue was not commercial activity under the Foreign Sovereign Immunities Act, affirming dismissal of bondholders' claims over a $17.3 billion AT1 write-down.
The U.S. Supreme Court granted certiorari in several matters, including a Cisco case limited to two questions and consolidated FCC-related petitions set for one hour of argument.
The U.S. Supreme Court unanimously affirmed the Ninth Circuit, holding that the SEC may obtain disgorgement without first proving investors suffered pecuniary losses.