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Are SCOTUS Filers Following the New Stock Disclosure Rules? Mostly Yes

Two weeks ago, a new SCOTUS rule went into effect: publicly traded companies must now include their ticker symbol in their petitions and responses as a way to help the justices identify potential conflicts.

Though the nine are fairly good about recusing in cases and petitions when one of the parties is company, or a subsidiary of a company, whose shares they own, there have been several mistakes over the last few years; see nos. 5, 12, 13, 15, 17 and 20-23 here.

The rule may also minimize over-recusing. For example, in two instances last fall, Justice Alito recused in a Johnson & Johnson petition (rows 13 and 17) despite have sold his JNJ shares two years prior.

Today we wanted to see if petitioners and respondents are following the rule and including ticker symbols in their filings. Turns out, they are for the most part.

Since the rule went into effect, at least six petitioners and two respondents did (posted below in order of appearance on the Court’s website; note that each used a different description of the stock):

1. 25-1106 (3/16), Ethridge v. Samsung SDI Co., p. ii of petition, i.e., “KRX: 006400” (the Korean stock exchange uses numerical codes and a string of letters to identify publicly traded companies); no response filed yet

2. 25-1107 (3/19), Tata Consultancy Services, et al., v. Computer Sciences Corp., p. ii of petition, i.e., “TCS” and “DXC”; tickers also noted in CSC’s 3/27 waiver to respond, “DXC Technology Company: DXC; Blackrock, Inc.: BLK” (CSC is a DXC subsidiary, and Blackrock owns more than 10% of CSC’s shares)

3. 25-1104 (3/19), CPC Patent Technologies v. Apple, p. ii, i.e., “stock ticker symbol: AAPL”; ticker not noted in Apple’s 3/24 waiver

4. 25-1111 (3/19), Russell v. Walmart, p. ii of petition, i.e., “stock ticker: WMT”; ticker also noted in Wal-Mart’s 3/26 waiver, “Walmart Inc.’s ticker symbol is WMT”

5. 25-1126 (3/23), Eli Lilly v. U.S. ex. rel. Streck, p. iv of petition, i.e., “stock symbol LLY”; no response filed yet

6. 25-1132 (3/23), Rideshare Displays v. Lyft Inc., et al., p. ii of petition; i.e., “NasdaqGS: LYFT”; no response filed yet

Regarding no. 3 above, FTC emailed the attorney to ask why he didn’t list Apple’s stock symbol on the waiver since it’s clearly required, but we’ve yet to receive a response.

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