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The Daily Docket

A newsletter by Reuters and Westlaw

By Caitlin Tremblay

Good morning. Today the U.S. Supreme Court will consider a challenge to a key SEC enforcement weapon. Plus, the 9th Circuit will hear a campaign finance case gun safety nonprofit Giffords brought against the FEC; the U.S. Customs agency will begin rolling out its tariff refund process; and the judge who halted President Trump's ballroom is known for skepticism of the government — and his love of exclamation marks! Here are some unusual photos to ease you into Monday. Let’s get going.

U.S. Supreme Court to consider SEC's 'disgorgement' power

REUTERS/Dado Ruvic

Today the U.S. Supreme Court will weigh whether the SEC must show investor harm before ordering wrongdoers to repay illicit profits.

Why it matters: The ruling, due by the end of June, could curb or affirm one of the SEC’s most powerful enforcement tools, affecting billions of dollars in future securities cases. Read more about the case here.

Context: The case centers on a $3 million disgorgement order against Ongkaruck Sripetch for a pump‑and‑dump scheme, raising the question of whether the SEC can require repayment of illegal gains without proving victims suffered financial losses. The Trump administration is defending the SEC's broad disgorgement authority against a challenge by Sripetch. Under Trump, the SEC used the legal remedy to obtain around $1.4 billion in fiscal 2025, according to an agency tally that excluded certain sums, and $6.1 billion the prior year under President Biden.

Who: Haynes Boone’s Daniel Geyser for Sripetch; Deputy Solicitor General Malcolm Stewart for the SEC.

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Coming up today

SCOTUS: The U.S. Supreme Court is expected to issue orders in pending appeals. The court will also hear a second oral argument in T. M. v. Univ. of MD Medical Sys. Corp., where the justices will consider when federal courts may review state court decisions. Cooley’s Elizabeth Prelogar will argue for T.M. and Williams & Connolly’s Lisa Blatt will argue for the University of Maryland Medical System.
FEC: The D.C. Circuit will hear arguments in a lawsuit brought by gun safety nonprofit Giffords, claiming the FEC failed to act on complaints alleging that the NRA violated campaign finance laws by making as much as $35 million in "unlawful" and "unreported in-kind campaign contributions" to seven federal candidates between 2014 and 2018. Read the documents here.
Congressional map: A state court in Richmond, Virginia, is expected to consider Republicans' challenge to Virginia's plan to redraw the state's congressional map, a day before the state's voters are expected to consider the effort in a referendum. Democrats have proposed a new map intended to net the party four seats in the November 4 midterm election.
Tariffs: The U.S. customs agency said it will launch a new online system for processing refunds of the $166 billion in tariffs that were struck down by the U.S. Supreme Court in February. The agency is rolling out the system in phases and will begin processing less-complicated tariff refunds and refunds on recently imported goods.
Judiciary: The U.S. Senate will vote to confirm Andrew Davis to an Austin-based judgeship in the Western District of Texas. Before joining the law firm Lehotsky Keller Cohn, Davis was chief counsel to Senator Ted Cruz on the Senate Judiciary Committee.
UK: London's High Court will begin hearing the trial of Kazakh mining group ENRC's damages claim against Britain's Serious Fraud Office and law firm Dechert, over a decade-long criminal investigation into alleged bribery by the former FTSE 100 company. ENRC is seeking around $290 million after the court previously found the SFO would not have launched the probe if the agency had not first induced ENRC's former lawyer to act against its interests.

Court calendars are subject to last-minute docket changes.

More top news

Industry insight

The judge who halted President Trump's ballroom is known for skepticism of the government — and love of exclamation marks! Read more about U.S. District Judge Richard Leon here.
Maria Medetis Long, a career U.S. prosecutor who had been helping to lead a criminal investigation into former CIA Director John Brennan, was removed from the probe, according to two people familiar with the investigation.

120,000

That’s how many copyright holders are seeking a share of a historic $1.5 billion class action settlement with Anthropic over the company’s unauthorized use of their books in AI training. Class members filed claims covering over 91% of the more than 480,000 works involved in the largest copyright settlement in U.S. history. Read the filing.

"The basic concept of democratic rule is undermined when public powers are exercised by those who are neither elected by the people, appointed by a public official or entity, nor employed by the government."

—Lawyers for Dr. Remy Coeytaux in a court filing, asking a Texas judge to rule that the state’s abortion drug “bounty hunter” law is unconstitutional, and dismiss the first lawsuit filed under it. The law allows private citizens to sue abortion providers on behalf of the state. Read the filing.

In the courts

SCOTUS: The U.S Supreme Court sided with oil companies, including Chevron, in their effort to have lawsuits by Louisiana officials seeking to hold them responsible for harming the state's coastal areas moved out of state court and into federal court.