Monday, May 18, 2009

Supreme Court to Decide Whether the Sarbanes-Oxley Act is Unconstitutional

From the SCOTUS Blog, the Supreme Court agreed to decide whether the Sarbanes-Oxley Act is unconstitutional.

The SCOTUS Blog stated:

Docket: 08-861
Title: Free Enterprise Fund and Beckstead and Watts, LLP v. Public Company Accounting Oversight Board, et al.Issue: Whether the Sarbanes-Oxley Act is consistent with separation-of-powers principles - as the Public Company Accounting Oversight Board is overseen by the Securities and Exchange Commission, which is in turn overseen by the President - or contrary to the Appointments Clause of the Constitution, as the PCAOB members are appointed by the SEC.
The Court also released two opinions which are also described by the SCOTUS Blog below:
The Court has released two opinions today.

The Court has released the opinion in AT&T Corp. v. Hulteen (07-543). The decision below, which held for the employee, is reversed in a 7-2 opinion by Justice Souter. Justice Stevens filed a concurring opinion. Justice Ginsburg filed a dissenting opinion, joined by Justice Breyer. The opinion is available here.

The Court has released the opinion in Ashcroft, Former ATT’Y Gen. v. Iqbal (07-1015). The decision below, which held for the detained foreign national, is reversed and remanded in a 5-4 opinion by Justice Kennedy. Justice Souter filed a dissenting opinion joined by Justices Stevens, Ginsburg, and Breyer. Justice Breyer filed a dissenting opinion. The opinion is available here.

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