1 00:00:02,880 --> 00:00:07,120 Speaker 1: This is Bloomberg Law with June Grosseo from Bloomberg Radio. 2 00:00:08,280 --> 00:00:10,960 Speaker 2: I think this case is extremely close. I'll just put 3 00:00:11,880 --> 00:00:13,840 Speaker 2: cards out there on that. 4 00:00:14,200 --> 00:00:18,840 Speaker 3: And that deduction by Justice Brett Kavanaugh seemed correct because 5 00:00:18,920 --> 00:00:23,200 Speaker 3: Wednesday's eighty minute oral argument at the Supreme Court didn't 6 00:00:23,200 --> 00:00:27,680 Speaker 3: give a clear indication about the likely outcome. Wall Street 7 00:00:27,720 --> 00:00:30,880 Speaker 3: is watching the case over whether to allow investors to 8 00:00:31,000 --> 00:00:34,839 Speaker 3: broadly use an eighty five year old law to sue 9 00:00:34,840 --> 00:00:38,760 Speaker 3: funds over their management decisions. A lower court had allowed 10 00:00:38,840 --> 00:00:43,280 Speaker 3: activist investors led by SABA Capital Master Fund to sue 11 00:00:43,400 --> 00:00:48,320 Speaker 3: eleven closed end funds, including some affiliated with FS Credit 12 00:00:48,360 --> 00:00:52,960 Speaker 3: Opportunities and Blackrock. Justice Sonya Soto Mayor pointed to the 13 00:00:53,040 --> 00:00:56,720 Speaker 3: legislative history of the Investment Company Act to show that 14 00:00:56,880 --> 00:01:00,160 Speaker 3: Congress intended to allow private rights of action. 15 00:01:00,800 --> 00:01:04,240 Speaker 4: I know that many of my colleagues don't believe in 16 00:01:04,319 --> 00:01:08,840 Speaker 4: statutory history, but here we have both a House and 17 00:01:08,880 --> 00:01:13,839 Speaker 4: a Senate reports accompanying the nineteen eighty amendments to the ICA, 18 00:01:14,720 --> 00:01:18,200 Speaker 4: and in both the House and the Senate reports, it 19 00:01:18,360 --> 00:01:23,280 Speaker 4: says that quote private rights of action for violations of 20 00:01:23,319 --> 00:01:27,520 Speaker 4: the Federal securities Laws are a necessary adjunct to the 21 00:01:27,600 --> 00:01:30,640 Speaker 4: SEC's and form enforcement efforts. 22 00:01:30,520 --> 00:01:34,160 Speaker 3: But in recent decades, the Supreme Court has avoided finding 23 00:01:34,280 --> 00:01:39,160 Speaker 3: private rights of action unless Congress expressly authorizes them in 24 00:01:39,200 --> 00:01:43,920 Speaker 3: a statute, and conservative Justice Neil Gorsich was critical of 25 00:01:44,000 --> 00:01:46,880 Speaker 3: allowing so called implied rights of action. 26 00:01:47,480 --> 00:01:51,360 Speaker 2: Pretty disastrous for our system of government, where the people 27 00:01:51,440 --> 00:01:55,120 Speaker 2: are supposed to write the laws that govern them, not judges. 28 00:01:55,880 --> 00:02:00,320 Speaker 3: The Trump administration is backing the mutual funds. I mean, 29 00:02:00,360 --> 00:02:04,200 Speaker 3: is securities law expert James Park, a professor at UCLA 30 00:02:04,320 --> 00:02:07,360 Speaker 3: Law School, Jim tell us about this legal fight. 31 00:02:07,800 --> 00:02:10,400 Speaker 5: Start sort of from the beginning. You have a hedge 32 00:02:10,400 --> 00:02:14,120 Speaker 5: fund SABA Capital, and one of its strategies is it 33 00:02:14,400 --> 00:02:18,840 Speaker 5: buys stock in mutual funds, mutual funds that are closed ended, 34 00:02:19,440 --> 00:02:22,600 Speaker 5: which means that they have stock trading in secondary markets. 35 00:02:22,800 --> 00:02:25,480 Speaker 5: And the idea on the strategy is you buy a 36 00:02:25,520 --> 00:02:29,720 Speaker 5: substantial stake and you influence the governance of the fund. 37 00:02:29,880 --> 00:02:32,280 Speaker 5: You might think that it has poor governance, and then 38 00:02:32,400 --> 00:02:35,160 Speaker 5: that should increase the price of the stock. That's what 39 00:02:35,639 --> 00:02:39,720 Speaker 5: activist stock investors typically do, and then you hopefully sell 40 00:02:39,760 --> 00:02:42,640 Speaker 5: at a profit. And so they did this for a 41 00:02:42,720 --> 00:02:46,880 Speaker 5: number of mutual funds, and the funds basically tried to 42 00:02:46,960 --> 00:02:49,360 Speaker 5: take away their right to vote. There was a state 43 00:02:49,440 --> 00:02:52,040 Speaker 5: law in the state where they were formed which said that, 44 00:02:52,200 --> 00:02:54,480 Speaker 5: you know, if you pass a resolution, you can take 45 00:02:54,520 --> 00:02:58,240 Speaker 5: away a shareholder's right to vote unless a majority of 46 00:02:58,280 --> 00:03:01,720 Speaker 5: the other shareholders basically give it back. And this is, 47 00:03:01,800 --> 00:03:04,280 Speaker 5: you know, almost a takeover defense sort of thing. It 48 00:03:04,320 --> 00:03:07,760 Speaker 5: reduces their influence on the company's governance. And so what 49 00:03:07,880 --> 00:03:11,919 Speaker 5: SABA Capital is arguing is that that violates a law, 50 00:03:12,000 --> 00:03:14,880 Speaker 5: a federal law called the Investment Company Act, which is 51 00:03:14,960 --> 00:03:19,239 Speaker 5: passed in nineteen forty, which is meant to regulate mutual funds. 52 00:03:19,560 --> 00:03:23,120 Speaker 5: The Investment Company Act basically says that shareholders are supposed 53 00:03:23,160 --> 00:03:25,840 Speaker 5: to have votes proportionate to the number of shares that 54 00:03:25,880 --> 00:03:30,160 Speaker 5: they own. And so what SABA Capital was arguing is 55 00:03:30,200 --> 00:03:32,760 Speaker 5: that we have a private right of action to sue 56 00:03:33,040 --> 00:03:35,880 Speaker 5: and the remedy should be recision, which means basically, we 57 00:03:35,960 --> 00:03:38,560 Speaker 5: get our money back. And so there's a question as 58 00:03:38,640 --> 00:03:42,160 Speaker 5: to whether the Investment Company Act authorizes a lawsuit like 59 00:03:42,240 --> 00:03:46,360 Speaker 5: this because the language does not come out and say 60 00:03:46,400 --> 00:03:49,640 Speaker 5: in a very straightforward way that you have the right 61 00:03:49,720 --> 00:03:52,680 Speaker 5: to sue for violations of the Investment Company Act and 62 00:03:52,760 --> 00:03:54,040 Speaker 5: so the only way you can say they have a 63 00:03:54,120 --> 00:03:56,160 Speaker 5: right to sue is to say there's something called an 64 00:03:56,400 --> 00:03:59,960 Speaker 5: implied remedy here, sort of an implicit right to sue 65 00:04:00,160 --> 00:04:04,120 Speaker 5: that the court can basically say is evident from the law. 66 00:04:04,640 --> 00:04:08,640 Speaker 3: The Second Circuit Court of Appeals, which handles a lot 67 00:04:08,680 --> 00:04:12,640 Speaker 3: of these kind of financial cases and is well respected, 68 00:04:13,000 --> 00:04:15,040 Speaker 3: do it allow a private right of action? 69 00:04:15,640 --> 00:04:18,680 Speaker 5: They did, They basically did in a different case. And 70 00:04:18,880 --> 00:04:23,040 Speaker 5: Judge Laval, who is a very prominent respected Second Circuit judge, 71 00:04:23,400 --> 00:04:27,640 Speaker 5: said that the statute has language that can be read 72 00:04:28,080 --> 00:04:33,839 Speaker 5: to indicate that Congress intended for private parties to be 73 00:04:33,880 --> 00:04:36,800 Speaker 5: able to bring suit for recision when there is a 74 00:04:36,920 --> 00:04:41,120 Speaker 5: violation of the Investment Company Act, And he mainly based 75 00:04:41,320 --> 00:04:44,760 Speaker 5: his argument on the text. The text of the law says, 76 00:04:45,320 --> 00:04:49,360 Speaker 5: you know, if you hihilated the Investment Company Act, then 77 00:04:49,720 --> 00:04:53,080 Speaker 5: the various agreement that you entered into with the mutual 78 00:04:53,120 --> 00:04:57,480 Speaker 5: fund is unenforceable. It talks about, you know, in certain circumstances, 79 00:04:57,880 --> 00:05:01,600 Speaker 5: recisions should not be denied a party if the benefit 80 00:05:01,640 --> 00:05:04,839 Speaker 5: of recision outweighs some of the downsides. So there is 81 00:05:05,000 --> 00:05:10,480 Speaker 5: language that indicates that Congress might have envisioned these private 82 00:05:10,520 --> 00:05:14,200 Speaker 5: lawsuits happening, but it's not said in a straightforward way, 83 00:05:14,279 --> 00:05:17,120 Speaker 5: and I think that's what made the question ambiguous. And 84 00:05:17,160 --> 00:05:19,760 Speaker 5: in fact, the Third Circuit and a number of other 85 00:05:19,800 --> 00:05:22,960 Speaker 5: circuits had held the opposite and said that there is 86 00:05:23,120 --> 00:05:27,279 Speaker 5: not an implied right to sue under the Investment Company Act. 87 00:05:27,440 --> 00:05:31,520 Speaker 5: And the Supreme Court generally has not favored these implicit rights, 88 00:05:31,560 --> 00:05:35,320 Speaker 5: which are not straightforward in the text of the statute. 89 00:05:35,600 --> 00:05:39,640 Speaker 3: And what were the concerns of the justices about allowing 90 00:05:39,680 --> 00:05:40,920 Speaker 3: a private right of action? 91 00:05:41,560 --> 00:05:43,400 Speaker 5: There were, you know, a number of concerns, and they 92 00:05:43,520 --> 00:05:48,000 Speaker 5: mostly focused on the statutory interpretation argument as opposed to 93 00:05:48,040 --> 00:05:51,960 Speaker 5: broader policy concerns. And you know, I think that they 94 00:05:52,000 --> 00:05:57,640 Speaker 5: were concerned that the language was not completely straightforward and 95 00:05:57,720 --> 00:06:01,400 Speaker 5: that there were some really difficult issue of interpreting what 96 00:06:01,480 --> 00:06:04,720 Speaker 5: the statute meant. Justice Kavanaugh went so far as to 97 00:06:04,760 --> 00:06:06,839 Speaker 5: say this was a very close case, that there are 98 00:06:06,880 --> 00:06:10,200 Speaker 5: good arguments on both sides. Some of the more liberal 99 00:06:10,360 --> 00:06:14,080 Speaker 5: justices pointed to the legislative history, and the legislative history 100 00:06:14,080 --> 00:06:17,120 Speaker 5: actually indicates that Congress thought that there would be an 101 00:06:17,120 --> 00:06:20,799 Speaker 5: implied right of action. And there were some reports Senate 102 00:06:20,839 --> 00:06:24,360 Speaker 5: in house reports which said that the envisioned investors could sue. 103 00:06:24,520 --> 00:06:26,880 Speaker 5: But a lot of the more conservative justices, as you 104 00:06:26,960 --> 00:06:30,320 Speaker 5: may know, they don't really like to look at legislative history. 105 00:06:30,320 --> 00:06:32,600 Speaker 5: They like to look at the text of the statute, 106 00:06:32,640 --> 00:06:35,279 Speaker 5: and so a lot of the oral argument was puzzling 107 00:06:35,440 --> 00:06:39,120 Speaker 5: through how we read this language, and that's basically what 108 00:06:39,200 --> 00:06:41,480 Speaker 5: the argument was mainly about. 109 00:06:41,600 --> 00:06:45,039 Speaker 3: I thought it was interesting that Justice Sodo Mayor prefaced 110 00:06:45,080 --> 00:06:49,159 Speaker 3: her remarks about the statutory history by saying, I know 111 00:06:49,279 --> 00:06:53,560 Speaker 3: many of my colleagues don't believe in statutory history. She 112 00:06:53,680 --> 00:06:58,000 Speaker 3: also referred to these private lawsuits as being in conjunction 113 00:06:58,440 --> 00:07:01,960 Speaker 3: with the secs and five enforcement efforts. But if you 114 00:07:02,000 --> 00:07:07,119 Speaker 3: have private investors bringing their own lawsuits, does that interfere 115 00:07:07,200 --> 00:07:09,920 Speaker 3: with the SEC's enforcement plans. 116 00:07:10,520 --> 00:07:14,760 Speaker 5: Definitely. The mutual fund industry has taken the position that 117 00:07:15,000 --> 00:07:17,920 Speaker 5: the statute is meant to be enforced by the SEC 118 00:07:18,240 --> 00:07:21,480 Speaker 5: rather than private plaintiffs, and that the SEC can come 119 00:07:21,520 --> 00:07:24,040 Speaker 5: in if there's a violation of the Investment Company Act 120 00:07:24,080 --> 00:07:28,800 Speaker 5: and bring various enforcement actions. And you know, I think 121 00:07:28,800 --> 00:07:32,040 Speaker 5: the response to that is the SEC has limited resources. 122 00:07:32,040 --> 00:07:34,040 Speaker 5: There are a lot of these mutual funds out there, 123 00:07:34,080 --> 00:07:38,440 Speaker 5: a lot of potential violations and having private attorney generals 124 00:07:38,480 --> 00:07:40,560 Speaker 5: who are able to bring these suits maybe a more 125 00:07:40,600 --> 00:07:45,440 Speaker 5: effective way of enforcing these provisions. That was not really 126 00:07:45,520 --> 00:07:48,640 Speaker 5: discussed much in the oral argument. I think that argument 127 00:07:48,680 --> 00:07:50,560 Speaker 5: has fallen a bit out of favor with the more 128 00:07:50,600 --> 00:07:55,880 Speaker 5: conservative justices. But definitely the mutual fund industry believes that 129 00:07:55,960 --> 00:07:59,440 Speaker 5: it's really the sec that should be bringing enforcement actions 130 00:07:59,440 --> 00:08:00,000 Speaker 5: in this space. 131 00:08:00,680 --> 00:08:04,600 Speaker 3: What about suing in state court rather than federal court. 132 00:08:04,720 --> 00:08:06,880 Speaker 3: Here's what Justice Kavanaugh said. 133 00:08:07,080 --> 00:08:09,400 Speaker 2: So it's a federal court state court issue. As I 134 00:08:09,440 --> 00:08:11,760 Speaker 2: see it, like this is going to happen, It's just 135 00:08:11,800 --> 00:08:13,760 Speaker 2: going to happen in federal court or state court. 136 00:08:13,880 --> 00:08:18,200 Speaker 5: There was also a lot of discussion about that possibility 137 00:08:18,560 --> 00:08:23,320 Speaker 5: that maybe what the statute means is that the contract 138 00:08:23,680 --> 00:08:27,200 Speaker 5: is unenforceable if there's a violation of the Investment Company Act, 139 00:08:27,800 --> 00:08:31,080 Speaker 5: and so then there would be litigation in state court 140 00:08:31,320 --> 00:08:34,720 Speaker 5: about the enforceability of the contract, And so that was 141 00:08:34,720 --> 00:08:38,560 Speaker 5: seen as a possibility. Have there ever been suits like that, 142 00:08:38,760 --> 00:08:40,959 Speaker 5: I don't know, and I think there would be a 143 00:08:40,960 --> 00:08:45,079 Speaker 5: little bit complicated, you know, especially the types of theories 144 00:08:45,120 --> 00:08:48,600 Speaker 5: that you might want to bring. Federal courts may have 145 00:08:48,640 --> 00:08:51,280 Speaker 5: a bit of an advantage over state courts in hearing 146 00:08:51,320 --> 00:08:54,440 Speaker 5: these types of issues, and so it would be a 147 00:08:54,440 --> 00:08:57,720 Speaker 5: bit awkward to say that these claims would mainly be 148 00:08:57,840 --> 00:09:01,120 Speaker 5: brought in state court as opposed to federal court if 149 00:09:01,160 --> 00:09:03,200 Speaker 5: you want to have this be an effective remedy. In 150 00:09:03,240 --> 00:09:06,200 Speaker 5: my view, the. 151 00:09:06,080 --> 00:09:09,680 Speaker 3: Supreme Court is considering whether they'll let investors use the 152 00:09:09,800 --> 00:09:14,200 Speaker 3: nineteen forty Investment Company Act to sue funds over their 153 00:09:14,240 --> 00:09:18,640 Speaker 3: management decisions. I've been talking to securities law expert James Park, 154 00:09:18,800 --> 00:09:22,280 Speaker 3: a professor at UCLA Law School. Jim, can you give 155 00:09:22,360 --> 00:09:26,360 Speaker 3: us a sort of simplistic explanation of the position of 156 00:09:26,480 --> 00:09:28,920 Speaker 3: each side here on the merits of the case. 157 00:09:29,679 --> 00:09:33,400 Speaker 5: On one side, the investors might argue, we need some remedy, 158 00:09:33,440 --> 00:09:36,400 Speaker 5: We need a clear remedy when there are violations, and 159 00:09:37,000 --> 00:09:41,160 Speaker 5: recision is a pretty powerful remedy under the Investment Company Act, 160 00:09:41,160 --> 00:09:44,400 Speaker 5: which was meant to regulate mutual funds. On the other hand, 161 00:09:44,440 --> 00:09:46,680 Speaker 5: I think what the mutual fund industry is worried about 162 00:09:46,760 --> 00:09:49,080 Speaker 5: is that you're going to get a flood of lawsuits 163 00:09:49,640 --> 00:09:52,839 Speaker 5: and that that might actually be bad for most investors 164 00:09:52,920 --> 00:09:55,720 Speaker 5: in the mutual fund because you know, only a few 165 00:09:55,720 --> 00:09:59,480 Speaker 5: investors might be interested in suing I'm only a few investors, 166 00:09:59,520 --> 00:10:04,240 Speaker 5: maybe pursuing an activist strategy with the fund, and so 167 00:10:04,320 --> 00:10:08,480 Speaker 5: the other investors may not be all that interested. And 168 00:10:08,559 --> 00:10:11,760 Speaker 5: it's costing to defend these lawsuits, and those costs come 169 00:10:11,800 --> 00:10:15,120 Speaker 5: out of the pockets of the other mutual fund shareholders. 170 00:10:16,960 --> 00:10:19,280 Speaker 3: It was hard to read the argument, although it did 171 00:10:19,280 --> 00:10:23,520 Speaker 3: seem like the liberal justices and perhaps the Chief Justice 172 00:10:23,760 --> 00:10:29,120 Speaker 3: and Justice Kavanaugh might favor allowing the private lawsuits. But 173 00:10:29,200 --> 00:10:30,120 Speaker 3: what was your take? 174 00:10:30,800 --> 00:10:31,640 Speaker 6: It's close. 175 00:10:31,800 --> 00:10:34,280 Speaker 5: I mean, my guess is I actually think that they 176 00:10:34,320 --> 00:10:37,400 Speaker 5: will find that there is a right of action based 177 00:10:37,480 --> 00:10:40,319 Speaker 5: upon the text of the statute. I think there is 178 00:10:40,760 --> 00:10:44,880 Speaker 5: enough in the text of the statute to persuade at 179 00:10:44,960 --> 00:10:48,960 Speaker 5: least some of the conservative justices that Congress intended for 180 00:10:49,040 --> 00:10:52,840 Speaker 5: there to be a private right of action for recision. 181 00:10:53,240 --> 00:10:56,040 Speaker 5: I think the more liberal justices will be persuaded by 182 00:10:56,080 --> 00:11:00,760 Speaker 5: both the text, the legislative history, and policy consideration. So 183 00:11:00,880 --> 00:11:02,920 Speaker 5: I think they'll need to get a couple of the 184 00:11:03,240 --> 00:11:06,440 Speaker 5: Republican justices to decide with them, which I think is 185 00:11:06,559 --> 00:11:09,440 Speaker 5: very possible. It's not a sure thing, but just my 186 00:11:09,920 --> 00:11:12,520 Speaker 5: sense of the argument. If I felt like Saba Capital 187 00:11:12,640 --> 00:11:14,520 Speaker 5: might have had a bit of a better argument in 188 00:11:14,600 --> 00:11:18,040 Speaker 5: terms of the text on the statutory interpretation issue. 189 00:11:17,640 --> 00:11:23,160 Speaker 3: This case really doesn't present activists, investors and their motivations 190 00:11:23,440 --> 00:11:24,280 Speaker 3: in the best light. 191 00:11:24,760 --> 00:11:27,280 Speaker 5: This is an ongoing debate as to whether or not 192 00:11:27,400 --> 00:11:33,720 Speaker 5: you think activists are you know, are positive for corporations 193 00:11:33,520 --> 00:11:37,160 Speaker 5: and mutual funds. And you know, this is interesting because 194 00:11:37,200 --> 00:11:40,840 Speaker 5: it's an activism in a space where we don't necessarily 195 00:11:40,880 --> 00:11:44,560 Speaker 5: see a lot of activism. And you know, there's a 196 00:11:44,640 --> 00:11:47,000 Speaker 5: question as to do we need it for mutual funds. 197 00:11:47,040 --> 00:11:50,800 Speaker 5: And there's one, you know, one argument that perhaps you know, 198 00:11:50,880 --> 00:11:56,400 Speaker 5: mutual funds may have weak corporate governance. The boards are 199 00:11:56,440 --> 00:12:00,280 Speaker 5: controlled by the managers of the fund and so they 200 00:12:00,679 --> 00:12:03,319 Speaker 5: don't push back enough on the fund managers. There's a 201 00:12:03,400 --> 00:12:06,840 Speaker 5: view that, you know, we need to scrutinize the governance 202 00:12:06,880 --> 00:12:09,800 Speaker 5: of the mutual funds. On the other hand, there's another 203 00:12:10,320 --> 00:12:13,360 Speaker 5: view that some scholars have expressed that you know, if 204 00:12:13,360 --> 00:12:16,720 Speaker 5: you're unhappy with the governance of mutual funds, you can 205 00:12:16,760 --> 00:12:19,400 Speaker 5: sell your shares, you can exit very easily and find 206 00:12:19,559 --> 00:12:22,720 Speaker 5: another mutual fund, and that would create some pressure on funds. 207 00:12:22,760 --> 00:12:25,920 Speaker 5: So maybe litigation is not all that necessary. And so 208 00:12:26,080 --> 00:12:29,760 Speaker 5: I think with shareholder litigation with respect to mutual funds. 209 00:12:29,920 --> 00:12:32,920 Speaker 5: You know, we don't have kind of the you know, 210 00:12:33,120 --> 00:12:35,679 Speaker 5: iconic cases that you did with you know, Rule ten 211 00:12:35,760 --> 00:12:38,560 Speaker 5: B five and suits against public companies like we don't 212 00:12:38,559 --> 00:12:41,199 Speaker 5: have the en runs and World comms where there was 213 00:12:41,240 --> 00:12:45,320 Speaker 5: a demonstrated need for shareholders to be able to sue 214 00:12:45,760 --> 00:12:50,000 Speaker 5: and bring an action to recover funds. You know, haven't 215 00:12:50,040 --> 00:12:53,199 Speaker 5: seen as many examples of that in the mutual fund space. 216 00:12:53,240 --> 00:12:56,040 Speaker 5: That doesn't mean that there aren't examples of egregiously bad 217 00:12:56,080 --> 00:12:59,440 Speaker 5: corporate governance, but I think there's an argument that maybe 218 00:12:59,480 --> 00:13:02,440 Speaker 5: we don't need as much as scrutiny of the governance 219 00:13:02,440 --> 00:13:04,920 Speaker 5: of mutual funds because it's a very competitive industry, right 220 00:13:04,960 --> 00:13:07,520 Speaker 5: There are thousands of these funds that you can choose, 221 00:13:07,600 --> 00:13:09,760 Speaker 5: and you know, if one of them is being mismanaged, 222 00:13:09,800 --> 00:13:11,720 Speaker 5: you can shift your funds to another one. 223 00:13:11,960 --> 00:13:14,400 Speaker 3: And do you think that it's the correct decision to 224 00:13:14,520 --> 00:13:16,120 Speaker 3: allow the private investors to. 225 00:13:16,080 --> 00:13:19,960 Speaker 5: Sue as a policy matter, I think the risk that 226 00:13:20,000 --> 00:13:22,320 Speaker 5: it's going to lead to a flood of lawsuits may 227 00:13:22,400 --> 00:13:25,520 Speaker 5: be low. We'll have to see, though. And my colleague 228 00:13:25,520 --> 00:13:28,640 Speaker 5: at UCLA for non Restreppo actually has a study that 229 00:13:28,679 --> 00:13:31,320 Speaker 5: he just completed that looked at what happened after the 230 00:13:31,360 --> 00:13:34,840 Speaker 5: Second Circuit allowed these lawsuits, and he didn't find a 231 00:13:34,880 --> 00:13:37,640 Speaker 5: flood of cases, and he didn't find a big impact 232 00:13:37,679 --> 00:13:40,680 Speaker 5: on the mutual fund industry. These are preliminary results, he 233 00:13:40,760 --> 00:13:43,520 Speaker 5: tells me, So he may find something different as he 234 00:13:43,559 --> 00:13:45,920 Speaker 5: delves into the data. And his study only, I think, 235 00:13:46,000 --> 00:13:48,480 Speaker 5: looks at the Second Circuit, So you know, maybe a 236 00:13:48,480 --> 00:13:50,839 Speaker 5: Supreme Court ruling would have a greater impact than the 237 00:13:50,920 --> 00:13:53,840 Speaker 5: number of suits that have been brought. My sense is that, 238 00:13:53,960 --> 00:13:55,679 Speaker 5: you know, SABA Capital is a little bit of an 239 00:13:55,720 --> 00:14:00,200 Speaker 5: outlier in terms of pursuing a strategy like this. Most 240 00:14:00,280 --> 00:14:05,920 Speaker 5: activist funds are targeting public corporations rather than mutual funds. Now, 241 00:14:05,960 --> 00:14:07,840 Speaker 5: it might be that if you know you have more 242 00:14:07,920 --> 00:14:10,640 Speaker 5: rights and more leverage, that more funds may get into 243 00:14:10,679 --> 00:14:13,800 Speaker 5: this space. But it is a strategy that does require 244 00:14:13,840 --> 00:14:17,240 Speaker 5: you to make a pretty substantial investment in the mutual 245 00:14:17,280 --> 00:14:20,360 Speaker 5: funds so that you have significant votes. And it's a 246 00:14:20,360 --> 00:14:23,400 Speaker 5: little bit different than some of the shareholder lawsuits we 247 00:14:23,440 --> 00:14:27,040 Speaker 5: see with public companies, which have been criticized because you know, 248 00:14:27,080 --> 00:14:29,880 Speaker 5: you have plaintiffs who own only a few shares, who 249 00:14:29,920 --> 00:14:33,000 Speaker 5: have a right to bring a private action represented by 250 00:14:33,040 --> 00:14:36,360 Speaker 5: an attorney in a class action, and so that might 251 00:14:36,440 --> 00:14:39,880 Speaker 5: be the reason we see a lot of litigation in 252 00:14:39,920 --> 00:14:42,560 Speaker 5: the public company space. I don't know if that will 253 00:14:42,600 --> 00:14:47,280 Speaker 5: necessarily be true with respect to mutual funds. And you know, 254 00:14:47,320 --> 00:14:49,000 Speaker 5: the other thing to keep in mind is the implied 255 00:14:49,080 --> 00:14:51,960 Speaker 5: right of action is also just for recision, which means 256 00:14:52,280 --> 00:14:55,680 Speaker 5: the remedies you get your money back, as opposed to damages. 257 00:14:55,840 --> 00:14:58,760 Speaker 5: That may also have some impact on the incentives of 258 00:14:58,880 --> 00:15:02,040 Speaker 5: plaintiffs to bring lot of lawsuits for violations of the 259 00:15:02,080 --> 00:15:03,240 Speaker 5: investment company ASTs. 260 00:15:03,720 --> 00:15:07,520 Speaker 3: What's an investor lawsuit without damages? Thanks so much, Jim. 261 00:15:07,640 --> 00:15:13,560 Speaker 3: That's Professor James Park of UCLA Law School. The Supreme 262 00:15:13,600 --> 00:15:17,880 Speaker 3: Court decided twenty three years ago that sentencing a mentally 263 00:15:17,920 --> 00:15:22,360 Speaker 3: disabled person to death violates the Eighth Amendments ban on 264 00:15:22,520 --> 00:15:25,680 Speaker 3: cruel and unusual punishment, but it left it up to 265 00:15:25,720 --> 00:15:29,720 Speaker 3: the states to decide how to determine that disability, and 266 00:15:29,840 --> 00:15:32,960 Speaker 3: this week, the Justice is struggled with whether to allow 267 00:15:33,000 --> 00:15:37,480 Speaker 3: Alabama to execute a man with low cognitive function who'd 268 00:15:37,520 --> 00:15:42,800 Speaker 3: gotten varying results on multiple IQ tests. In past decisions, 269 00:15:42,840 --> 00:15:45,680 Speaker 3: the Court has said that defendants are permitted to offer 270 00:15:45,760 --> 00:15:50,880 Speaker 3: additional evidence of cognitive impairment if their IQ scores fall 271 00:15:51,000 --> 00:15:56,480 Speaker 3: below the threshold, and several justices said that Alabama's dependence 272 00:15:56,560 --> 00:16:00,920 Speaker 3: on the IQ score was too rigid here. This is Katanji, 273 00:16:00,960 --> 00:16:04,320 Speaker 3: Brown Jackson, Elena Kagan, and Brett Kavanaugh. 274 00:16:04,800 --> 00:16:08,000 Speaker 1: The district court did here was look not only at 275 00:16:08,040 --> 00:16:13,480 Speaker 1: the IQ scores holistically, but also other evidence of adaptive functioning. 276 00:16:13,520 --> 00:16:16,240 Speaker 1: And that's precisely what our case law says that the 277 00:16:16,280 --> 00:16:17,360 Speaker 1: courts are supposed to do. 278 00:16:18,640 --> 00:16:22,040 Speaker 6: That's totally within a state court's discretion to say, there 279 00:16:22,080 --> 00:16:24,600 Speaker 6: are a lot of scores here on the plus seventy 280 00:16:24,640 --> 00:16:29,400 Speaker 6: side that's despositive for us, as long as they've given 281 00:16:29,480 --> 00:16:32,880 Speaker 6: a person this is the only requirement that seems to 282 00:16:32,920 --> 00:16:35,320 Speaker 6: me that comes out of whole. And more, they have 283 00:16:35,400 --> 00:16:38,920 Speaker 6: to give the person with the with the seventy or 284 00:16:39,000 --> 00:16:44,200 Speaker 6: minus score the opportunity to come in with adaptive evidence 285 00:16:44,440 --> 00:16:46,880 Speaker 6: suggesting the opposite. 286 00:16:46,960 --> 00:16:50,200 Speaker 2: Fall upon Justice Kagan's question, what's the logic or the 287 00:16:50,400 --> 00:16:56,720 Speaker 2: rationale or the sense behind not having a district court 288 00:16:57,320 --> 00:16:59,560 Speaker 2: or a trial court or a state court have the 289 00:16:59,600 --> 00:17:03,560 Speaker 2: ability in those circumstances to go on and look at more. 290 00:17:03,960 --> 00:17:07,080 Speaker 3: The Eleventh Circuit Court of Appeals had found that Joseph 291 00:17:07,119 --> 00:17:12,040 Speaker 3: Clinton Smith was intellectually disabled and said its decision was 292 00:17:12,119 --> 00:17:16,320 Speaker 3: based on a holistic approach that considered Smith's deficits in 293 00:17:16,480 --> 00:17:20,640 Speaker 3: everyday skills along with the IQ score of seventy two. 294 00:17:21,359 --> 00:17:25,600 Speaker 3: Alabama is appealing that decision to the Supreme Court. Joining 295 00:17:25,640 --> 00:17:29,560 Speaker 3: me is an expert in death penalty litigation, Andrea Lyon 296 00:17:29,600 --> 00:17:33,399 Speaker 3: of the Chicago firm of Lyon in Kerr. She's taken 297 00:17:33,520 --> 00:17:38,040 Speaker 3: nineteen capital cases through the penalty phase. Andrew tell us 298 00:17:38,040 --> 00:17:42,920 Speaker 3: about Joseph Smith and the course of his death penalty litigation. 299 00:17:43,400 --> 00:17:47,679 Speaker 7: Well, mister Smith is intellectually disabled. The question is is 300 00:17:47,800 --> 00:17:51,720 Speaker 7: whether or not he meets the standard that was drawn 301 00:17:51,800 --> 00:17:53,680 Speaker 7: up by the United Supreme Court in a case called 302 00:17:53,760 --> 00:17:57,440 Speaker 7: Atkins versus Virginia quite some time ago at this point, 303 00:17:58,000 --> 00:18:02,840 Speaker 7: and they just said that someone who was intellectually disabled, 304 00:18:02,840 --> 00:18:06,440 Speaker 7: which used to be called mental retardation, had a lower 305 00:18:06,920 --> 00:18:10,880 Speaker 7: level of moral culpability, not lower level of legal culpability. 306 00:18:10,880 --> 00:18:13,840 Speaker 7: They could still be convicted, but a lower level of 307 00:18:13,920 --> 00:18:19,040 Speaker 7: moral culpability because of their inability to reason very well. 308 00:18:19,080 --> 00:18:23,520 Speaker 7: And so the question here is whether or not mister 309 00:18:23,640 --> 00:18:28,120 Speaker 7: Smith fits into the categories that have been worked out 310 00:18:28,240 --> 00:18:31,040 Speaker 7: through various cases in the United States Supreme Court. It 311 00:18:31,160 --> 00:18:32,960 Speaker 7: used to be that it was like, if your IQ 312 00:18:33,200 --> 00:18:35,760 Speaker 7: was seventy or lower, you fit in the category, and 313 00:18:35,840 --> 00:18:40,000 Speaker 7: if it was above that you didn't. And that has 314 00:18:40,080 --> 00:18:43,920 Speaker 7: changed because part of what gets looked at and what 315 00:18:44,119 --> 00:18:49,439 Speaker 7: psychologists say should be looked at, is adaptive behavior. You 316 00:18:49,480 --> 00:18:53,080 Speaker 7: know how well the person is adjusted, how well they're functioning. 317 00:18:53,560 --> 00:18:56,320 Speaker 7: One thing, mister Smith, as I understand it, his IQ 318 00:18:57,040 --> 00:19:00,360 Speaker 7: was variously seventy two to seventy eight, which which is 319 00:19:00,720 --> 00:19:05,200 Speaker 7: quite low and puts them in what is called the 320 00:19:05,440 --> 00:19:10,439 Speaker 7: mildly mentally retarded or mildly intellectual disabled. But when I 321 00:19:10,480 --> 00:19:13,840 Speaker 7: say mildly, I think it might be helpful to know 322 00:19:14,000 --> 00:19:17,439 Speaker 7: that someone with an IQ of seventy two functions at 323 00:19:17,480 --> 00:19:20,280 Speaker 7: the same level as a nine to ten or eleven 324 00:19:20,320 --> 00:19:24,000 Speaker 7: year old child, and I think that helps put things 325 00:19:24,080 --> 00:19:27,720 Speaker 7: in perspective. I mean, a child knows that they're not 326 00:19:27,760 --> 00:19:31,560 Speaker 7: supposed to hurt someone, But if a child does something, 327 00:19:32,600 --> 00:19:35,920 Speaker 7: we don't hold them to the same standard that we 328 00:19:35,960 --> 00:19:39,199 Speaker 7: would hold an adult to because we recognize that they 329 00:19:39,240 --> 00:19:43,960 Speaker 7: are have limitations and that their decision making isn't very 330 00:19:43,960 --> 00:19:47,240 Speaker 7: good and all of those sorts of things. So mister 331 00:19:47,320 --> 00:19:51,880 Speaker 7: Smith is functioning at that level, and I think that 332 00:19:53,119 --> 00:19:57,359 Speaker 7: what the Court is struggling with here is how to 333 00:19:57,400 --> 00:20:03,120 Speaker 7: define things and how much to get in the weeds themselves. 334 00:20:03,880 --> 00:20:06,320 Speaker 3: The US Court of Appeals for the Eleventh Circuit, which 335 00:20:06,400 --> 00:20:10,560 Speaker 3: is one of the more conservative circuits in the country, 336 00:20:11,240 --> 00:20:15,520 Speaker 3: found that he met the standard, and the Eleventh Circuit 337 00:20:15,560 --> 00:20:18,800 Speaker 3: said its finding was based on a holistic approach and 338 00:20:18,880 --> 00:20:22,720 Speaker 3: review of evidence, not just a single low score. So 339 00:20:23,080 --> 00:20:25,840 Speaker 3: do you think that the justices took this case because 340 00:20:25,840 --> 00:20:28,640 Speaker 3: they're not happy with that holistic view? 341 00:20:29,400 --> 00:20:32,320 Speaker 7: I would think not, given the decisions that have been 342 00:20:32,359 --> 00:20:37,040 Speaker 7: made since Atkins, where the courts are directed to take 343 00:20:37,040 --> 00:20:39,080 Speaker 7: a look at all of the things that make you 344 00:20:39,560 --> 00:20:42,200 Speaker 7: qualify someone that way, that this has to have happened 345 00:20:42,359 --> 00:20:45,719 Speaker 7: or be evident prior to the person reaching their majority. 346 00:20:45,960 --> 00:20:49,720 Speaker 7: There's a number of things that the American Psychological and 347 00:20:49,840 --> 00:20:53,200 Speaker 7: the American Psychiatric associations say that you need to look at, 348 00:20:53,320 --> 00:20:57,080 Speaker 7: and so courts were encouraged to take a holistic approach. 349 00:20:57,520 --> 00:21:00,960 Speaker 7: It is difficult to know what this Supreme Court will 350 00:21:00,960 --> 00:21:06,159 Speaker 7: make of that. They are remarkably uninterested in precedent. I 351 00:21:06,160 --> 00:21:08,400 Speaker 7: think that's the polite way to put it. If they 352 00:21:08,440 --> 00:21:11,840 Speaker 7: follow precedent, then they will affirm the Eleventh Circuit, which, 353 00:21:11,880 --> 00:21:15,119 Speaker 7: as you mentioned, is a conservative court. And if a 354 00:21:15,160 --> 00:21:19,040 Speaker 7: conservative court found it to be the case, it's probably 355 00:21:19,080 --> 00:21:22,040 Speaker 7: the case because they don't necessarily want to help people 356 00:21:22,160 --> 00:21:25,439 Speaker 7: that are on death row. But it's very difficult to 357 00:21:25,520 --> 00:21:29,399 Speaker 7: know whether the Court will follow its own precedent or not, 358 00:21:30,320 --> 00:21:34,080 Speaker 7: and what some of the justices who say that they 359 00:21:34,080 --> 00:21:36,960 Speaker 7: are originalists, which is another whole conversation we can have 360 00:21:37,000 --> 00:21:39,240 Speaker 7: another time. But you know they're going to say, well, 361 00:21:39,240 --> 00:21:41,840 Speaker 7: we didn't do that in you know, seventeen seventy six. 362 00:21:41,920 --> 00:21:43,919 Speaker 7: We didn't care what the IQ was, you know, but 363 00:21:44,040 --> 00:21:47,440 Speaker 7: we also chopped off the hands of thieves and hung 364 00:21:47,480 --> 00:21:50,600 Speaker 7: people for stealing bread. So the question is, you know 365 00:21:50,640 --> 00:21:53,679 Speaker 7: whether or not what the Supreme Court has identified as 366 00:21:53,760 --> 00:21:58,080 Speaker 7: evolving standards of decency that caused the decision in Atkins 367 00:21:58,200 --> 00:22:03,280 Speaker 7: and its progeny should still apply. I imagine that there are 368 00:22:03,359 --> 00:22:05,160 Speaker 7: members of the Court who think, not. 369 00:22:06,200 --> 00:22:10,440 Speaker 3: What does Alabama want just a strict, rigid let's look 370 00:22:10,440 --> 00:22:12,560 Speaker 3: at the IQ scores and stop there. 371 00:22:13,080 --> 00:22:15,760 Speaker 7: I think they would like more guidance as to what 372 00:22:15,920 --> 00:22:19,639 Speaker 7: to look at. But I think there's a pretty clear 373 00:22:20,400 --> 00:22:23,520 Speaker 7: consensus among courts that do this kinds of reviews, both 374 00:22:23,560 --> 00:22:26,840 Speaker 7: federal and state, that you have to do a holistic 375 00:22:26,880 --> 00:22:29,960 Speaker 7: approach that the number alone doesn't tell you enough. First 376 00:22:29,960 --> 00:22:33,000 Speaker 7: of all, there's margin of error, so somebody with a 377 00:22:33,040 --> 00:22:36,280 Speaker 7: seventy two IQ could actually have an IQ of sixty seven. 378 00:22:36,840 --> 00:22:41,359 Speaker 7: So there's that plus or minus to five points. So 379 00:22:41,440 --> 00:22:43,720 Speaker 7: there's that. But you also have to look and see 380 00:22:43,720 --> 00:22:48,040 Speaker 7: whether the person has their adaptive behavior takes them out 381 00:22:48,040 --> 00:22:51,440 Speaker 7: of that protected category. So you could conceivably have someone 382 00:22:52,040 --> 00:22:56,879 Speaker 7: who has managed, with great teaching or great support to 383 00:22:57,400 --> 00:23:01,119 Speaker 7: function like a sixteen year year old rather than an 384 00:23:01,160 --> 00:23:03,960 Speaker 7: eleven year old with all of the things that are 385 00:23:04,000 --> 00:23:06,720 Speaker 7: wrong with him or her, and a court could find, 386 00:23:06,880 --> 00:23:09,600 Speaker 7: looking at all of the circumstances, that they are not 387 00:23:09,800 --> 00:23:12,439 Speaker 7: exempt from the death penalty for that reason. One of 388 00:23:12,480 --> 00:23:15,800 Speaker 7: the challenges that has been noted by many Supreme Court 389 00:23:15,920 --> 00:23:18,800 Speaker 7: justices over the years is that it's very very difficult 390 00:23:19,280 --> 00:23:25,520 Speaker 7: to set standards that are immutable and that coexist with 391 00:23:26,640 --> 00:23:30,439 Speaker 7: the two main concepts that are often in tension with 392 00:23:30,440 --> 00:23:33,919 Speaker 7: one another. And one of those concepts is that you 393 00:23:34,000 --> 00:23:37,680 Speaker 7: need to narrow the class of people who are eligible 394 00:23:37,680 --> 00:23:41,640 Speaker 7: for the death penalty, so adding an aggravating factor such 395 00:23:41,640 --> 00:23:44,399 Speaker 7: as killing a police officer in mine of duty something 396 00:23:44,480 --> 00:23:49,040 Speaker 7: like that. But you also have to have individualized consideration 397 00:23:49,359 --> 00:23:54,840 Speaker 7: of the defendant, and those things sometimes clash, but that 398 00:23:55,000 --> 00:23:58,800 Speaker 7: is the nature of the law. Everything is not always 399 00:23:59,480 --> 00:24:05,280 Speaker 7: one and clear. Some things are. You can give guidelines, 400 00:24:05,600 --> 00:24:09,560 Speaker 7: but you can't give you know, above this line ax 401 00:24:09,560 --> 00:24:12,800 Speaker 7: and below that line? Why? Because it does not work 402 00:24:12,880 --> 00:24:18,080 Speaker 7: with human beings. And the law is, after all about 403 00:24:18,520 --> 00:24:21,960 Speaker 7: and four fallible human beings. 404 00:24:22,000 --> 00:24:26,040 Speaker 3: How is the Supreme Court already ruled in this area? 405 00:24:26,520 --> 00:24:31,120 Speaker 3: Have they said you can use other things besides this 406 00:24:31,440 --> 00:24:33,160 Speaker 3: rigid IQ cutoff? 407 00:24:33,680 --> 00:24:34,199 Speaker 7: Yes, they have. 408 00:24:35,040 --> 00:24:37,520 Speaker 3: So then I'm wondering what the point of taking this 409 00:24:37,760 --> 00:24:40,879 Speaker 3: case is when it seems to be about do we 410 00:24:41,000 --> 00:24:45,160 Speaker 3: use a rigid IQ determination or are we looking at 411 00:24:45,160 --> 00:24:46,240 Speaker 3: it holistically. 412 00:24:46,960 --> 00:24:50,480 Speaker 7: I don't know why they took it. I don't know 413 00:24:50,600 --> 00:24:53,119 Speaker 7: if there's some justices who think that they could be 414 00:24:53,200 --> 00:24:56,440 Speaker 7: more clear than they have been in the previous three cases. 415 00:24:56,680 --> 00:24:58,439 Speaker 7: I don't know if there's some justices who want to 416 00:24:58,520 --> 00:25:03,359 Speaker 7: back away from category workly eliminating certain groups of people 417 00:25:03,520 --> 00:25:07,080 Speaker 7: such as you know, juveniles and those with intellectual disabilities. 418 00:25:07,280 --> 00:25:09,520 Speaker 7: You know, whether they think that was a mistake and 419 00:25:09,560 --> 00:25:13,040 Speaker 7: that that should just be presented in mitigation. I suppose 420 00:25:13,320 --> 00:25:16,280 Speaker 7: there are some justices, and I could guess who they 421 00:25:16,359 --> 00:25:20,159 Speaker 7: might be who would feel that way, But that's not 422 00:25:20,280 --> 00:25:21,960 Speaker 7: the law. And the law has been this way for 423 00:25:22,000 --> 00:25:24,919 Speaker 7: a long time, and people do seem to understand it 424 00:25:24,960 --> 00:25:27,280 Speaker 7: and seem to be able to apply it. So your 425 00:25:27,359 --> 00:25:30,160 Speaker 7: question as to why they took the case, I would 426 00:25:30,200 --> 00:25:30,840 Speaker 7: just be guessing. 427 00:25:31,280 --> 00:25:36,000 Speaker 3: You've represented so many death penalty defendants. How difficult is 428 00:25:36,040 --> 00:25:41,720 Speaker 3: it to get a determination of mental disability from the courts? 429 00:25:42,480 --> 00:25:45,560 Speaker 7: Well, it's not easy. I mean you have to investigate 430 00:25:45,720 --> 00:25:49,440 Speaker 7: the defendant's life and take a look and see if 431 00:25:49,440 --> 00:25:52,280 Speaker 7: there are you know, IQ scores from ages ago. And 432 00:25:52,440 --> 00:25:54,679 Speaker 7: we used to do that in public schools regularly. Now 433 00:25:54,720 --> 00:25:56,679 Speaker 7: I don't think we do it as much. And you 434 00:25:56,680 --> 00:25:59,920 Speaker 7: know whether the person has been in you know, education plans, 435 00:26:00,080 --> 00:26:02,720 Speaker 7: how they've been functioning, because you know, the first part 436 00:26:02,720 --> 00:26:04,479 Speaker 7: of things is you have to show that this is 437 00:26:04,720 --> 00:26:06,680 Speaker 7: not something that has happened as a result of a 438 00:26:06,720 --> 00:26:09,240 Speaker 7: blow to the head or something else later. So you 439 00:26:09,280 --> 00:26:11,560 Speaker 7: have to dig in and get those records. School records, 440 00:26:11,640 --> 00:26:15,679 Speaker 7: medical records, everything you possibly can. Then you have to 441 00:26:15,720 --> 00:26:19,919 Speaker 7: have your client evaluated by a competent mental health professional 442 00:26:20,400 --> 00:26:22,960 Speaker 7: and you get a report, and then you file emotion 443 00:26:23,080 --> 00:26:25,680 Speaker 7: to bar the death penalty. Assuming that it comes out 444 00:26:26,040 --> 00:26:29,160 Speaker 7: with your client has intellectual disabilities, you file a motion 445 00:26:29,240 --> 00:26:31,600 Speaker 7: to bar the death penlling on that basis. Now, sometimes 446 00:26:32,119 --> 00:26:34,199 Speaker 7: you end up in a big fight with an evidentiary 447 00:26:34,200 --> 00:26:36,800 Speaker 7: hearing and a judge makes a determination yes or no. 448 00:26:37,240 --> 00:26:40,240 Speaker 7: Sometimes the prosecution will take a look at what you 449 00:26:40,320 --> 00:26:45,000 Speaker 7: have and decide that this person is an Atkins excludible 450 00:26:45,040 --> 00:26:48,159 Speaker 7: that's how we refer to it in this world, and 451 00:26:48,280 --> 00:26:51,200 Speaker 7: that there's no reason to contest it and just agree 452 00:26:51,240 --> 00:26:54,040 Speaker 7: to take the death penalty off the table. So that's 453 00:26:54,080 --> 00:26:58,720 Speaker 7: basically what happens. It takes time and effort and resources 454 00:26:59,160 --> 00:26:59,960 Speaker 7: to determine that. 455 00:27:00,280 --> 00:27:03,120 Speaker 3: Well, thanks so much for joining me today, Andrea. That's 456 00:27:03,160 --> 00:27:06,159 Speaker 3: Andrea Lyon of Lyon and Kerr. And that's it for 457 00:27:06,160 --> 00:27:08,800 Speaker 3: this edition of the Bloomberg Law Show. Remember you can 458 00:27:08,840 --> 00:27:12,120 Speaker 3: always get the latest legal news on our Bloomberg Law podcasts. 459 00:27:12,359 --> 00:27:15,360 Speaker 3: You can find them on Apple Podcasts, Spotify, and at 460 00:27:15,520 --> 00:27:20,560 Speaker 3: www dot bloomberg dot com. Slash podcast slash law, and 461 00:27:20,640 --> 00:27:23,719 Speaker 3: remember to tune into The Bloomberg Law Show every weeknight 462 00:27:23,800 --> 00:27:27,240 Speaker 3: at ten pm Wall Street Time. I'm June Grosso and 463 00:27:27,280 --> 00:27:28,760 Speaker 3: you're listening to Bloomberg