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Three cases, all argued this term before the United States Supreme Court and likely to be decided in June, carry major implications for litigation between federal agencies and regulated entities. Depending on the Court's decisions, these cases may overturn one longstanding doctrine of administrative law, and substantially alter the landscape of another. In both areas, private litigants subject to federal regulations may have new arguments and even new claims available to them as a result. [...]

In Macquarie Infrastructure Corp. v. Moab Partners1, the U.S. Supreme Court recently resolved a split among U.S. Circuit Courts of Appeal when it unanimously held that “[s]ilence absent a duty to disclose, is not misleading under Rule 10b–5”. While “half-truths” are still actionable under that provision, a pure omission is not. What you need to know The Court's opinion rested on textual and statutory construction analyses. Justice Sotomayor resolved the question before the Court—"whether the failure to [...]

Key Takeaways The United States Supreme Court held that pure omissions, standing alone, are not actionable in private civil litigation under Rule 10b-5(b), which makes it unlawful to omit material facts in connection with buying or selling securities when that omission renders "statements made" materially misleading. Consequently, shareholder claims will not survive dismissal under Rule 10b-5 without pointing to a statement rendered misleading by the alleged omission. The decision does not opine on what constitutes [...]