Those guys. Wow. Soooo cute.
Occupy the SEC has filed a lawsuit in the Eastern District of New York against six federal agencies, over those agencies’ delay in promulgating a Final Rulemaking in connection with the “Volcker Rule”.
Legal Risk and Trade Documentation, Regulation
That’s certainly an interesting assertion of standing.
This is good news. Society taking an interest in why regulators fail to implement the social contract between banks and society as intended by elected lawmakers. Good on em
I agree, I just don’t think the courts will. Unfortunately, the US judicial system has a very narrow view of what parties can bring cases. As a general rule, taxpayers can’t just bring suits because they “own” the government. The fact that these plaintiffs seem to be insured depositors at negligible risk of losing their money even if their banks collapse isn’t going to help their case that they’ve suffered specific harm from the delay to the rule’s implementation beyond its statutory deadline.
Yes, I agree too: good on them. At least the US has a concept of Mandamus relief, which helps. Macadamia relief, as I ignorantly first read it, is something the English courts would think is nuts, so there is sadly no prospect of similar actions in the UK.
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