On Tuesday, challengers to federal rules affecting industries like mining and farming gained an opportunity to roll back regulations following a U.S. Supreme Court decision. The Court applied a new standard for reviewing federal agency powers, overturning the Chevron doctrine. This doctrine previously mandated judicial deference to agency interpretations of laws they enforce. As a result, the Supreme Court vacated nine lower-court rulings, instructing them to reconsider their decisions in light of this new precedent set on Friday.For more details,you can read the full article:

https://www.reuters.com/world/us/us-supreme-court-gives-miners-farmers-new-shot-overturning-regulations-2024-07-02

Nearly $136 million in penalties were imposed on Citigroup Inc. and its national bank subsidiary Citibank by the Office of the Comptroller of the Currency and the Federal Reserve on Wednesday. This was due to their failure to meet the risk management remediation milestones outlined in 2020 consent orders with the regulators. For more details, you can read the full article:

https://www.law360.com/articles/1856980/citi-fined-136m-as-occ-fed-cite-slow-remedial-progress

On Wednesday, the consideration of whether state law provisions, which prohibit the consideration of greenhouse gas emissions in permitting decisions, were debated by the Montana Supreme Court. These provisions had been invalidated by a lower court judge. The court questioned both parties on whether the youth plaintiffs had the standing to file a lawsuit. For more details, you can read the full article:

https://www.law360.com/articles/1856758

The Ninth Circuit Court of Appeals has revived, for a second time, a collective action lawsuit filed by Nevada call center agents. The agents allege that the time spent booting up and shutting down their computers before and after their shifts should be compensable under the Fair Labor Standards Act (FLSA). The court determined that the question of whether this time qualifies for compensation is a factual issue that warrants resolution through a jury trial. For more details, you can read the full article:

https://www.law360.com/articles/1856862

America’s economy expanded at a weaker pace earlier this year than initially reported. Additionally, the decline in home sales based on contract signings last month was much steeper than economists expected. For more information:

https://edition.cnn.com/2024/05/30/economy/us-economic-data-report-inflation/index.html

Inflation in April remained at the same stubbornly high level as in March, indicating that costs continued to rise too quickly for consumers. This suggests the Federal Reserve still has more work to do in its fight against rising prices. For more information,

https://edition.cnn.com/2024/05/31/economy/pce-inflation-consumer-spending-april/index.html?iid=cnn_buildContentRecirc_end_recirc

Creditors are challenging a potential fee and other protections for the distressed retailer’s lead bidder, arguing that these measures could discourage competing offers to buy the company out of bankruptcy. For more details;

https://news.bloomberglaw.com/bankruptcy-law/express-creditors-oppose-lead-bidders-fees-for-bankruptcy-sale ,

Legislation to add judges to understaffed federal district courts is gaining momentum in Congress. Lawmakers are working within a narrow political window to expand trial courts before the November election. For more details,

https://news.bloomberglaw.com/us-law-week/first-new-us-judgeships-in-decades-gain-momentum-in-congress

The explosive growth of non-equity partners is compelling law firm leaders to adjust their management strategies to protect long-term financial stability. Learn more about the impact and necessary changes in operations here

https://news.bloomberglaw.com/business-and-practice/law-firms-embrace-of-non-equity-partners-brings-management-risk

Investors are apprehensive about the potential impact of higher interest rates on consumer borrowing costs, which could squeeze corporate profits and dampen market sentiment. However, the Federal Reserve is unlikely to implement interest rate cuts in the near future. For more information:

https://edition.cnn.com/2024/05/10/investing/premarket-stocks-trading-fed-rate-pause/index.html