Court criticized for intruding on Congress’ power

Trial Notebook

By Steven P. Garmisa

Hoey & Farina

Posted April 13, 2023 11:17 AM

Brad Packer’s standing to pursue a claim under the Securities Exchange Act of 1934 went unchallenged for eight years, but the U.S. Supreme Court shook things up with TransUnion v. Ramirez — a 2021 decision on standing under the Fair Credit Reporting Act that has been criticized as intruding on “the congressional power to confer standing.”Packer sued three defendants who allegedly owned more than 10% of 1-800-Flowers.com’s stock. His shareholder derivative claim alleged that short-swing trading by the defendants — profiting …

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