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Last Friday, the U.S. Supreme Court issued its much-anticipated ruling in the case challenging the tariffs President Trump imposed in reliance on the International Economic Emergency Powers Act (IEEPA). By a 6-3 majority, the Court ruled in Learning Resources v. Trump that the IEEPA does not authorize the President to impose tariffs. However, even though the Court has now ruled, questions and uncertainty remain. As discussed below, the continuing questions have important implications for companies’ tariff-related D&O risk. The Court’s February 20, 2026 opinion can be found here.Continue Reading What Does the Supreme Court’s Tariffs Decision Mean?

Last week, the U.S. Supreme Court heard oral argument in the legal case in which the claimants are challenging the constitutionality of President Trump’s tariffs. While we await the Court’s decision in the case, the tariffs remain in place, with consequences both for the global economy and for individual businesses. In the latest example of the ways in which these consequences can translate into tariff-related securities litigation, a plaintiff shareholder has sued used car retailer CarMax, alleging that the company tried to portray the quarterly sales surge that preceded the tariffs’ impact as being due to longer-term company advantages rather than tariff-motivated consumer behavior. A copy of the new CarMax complaint can be found here.Continue Reading CarMax Hit with Tariff-Related Securities Suit