LITTLE ROCK — In other Supreme Court action on Monday, justices:
Told a lower court in an 8-0 ruling to reconsider deadlines for some securities lawsuits, in a dispute about whether investment banks must face accusations that they manipulated dozens of initial public offerings. The ruling ordered lower courts to reconsider how long an investor can wait before filing lawsuits seeking to hold underwriters and corporate insiders accountable for “short swing” trades, those involving stock held for less than six months. Under federal securities law, insiders with large enough holdings must give back any profits from short swing trades.
Ordered the U.S. Court of Appeals for the Federal Circuit to revisit whether human genes can be patented in light of the justices’ decision earlier this month that limited the ability to obtain legal protection for some diagnostic medical tests.
Refused to overturn a $28.3 million verdict against R.J. Reynolds Tobacco Co. in the first of about 8,000 lawsuits that have been filed against cigarette companies in Florida.
Declined to hear a challenge to the power of the National Labor Relations Board’s general counsel to bring complaints when the board lacks a quorum.
Rejected Wisconsin’s appeal of a ruling that a 2006 law, which banned hormone treatments or sex-change surgeries for transsexual prison inmates, violated the Eighth Amendment prohibition against cruel and unusual punishments.
Information for this article was contributed by Bloomberg News and The Associated Press.
Front Section, Pages 2 on 03/27/2012