Even prior to the presidential election, this had been an interesting and tumultuous year for securities litigators. The death of Justice Antonin Scalia in February 2016 left the U.S. Supreme Court with a 4-4 split and an uncertain future. In Delaware, there was a radical shift in merger litigation as the Chancery Court closed the door on nonmonetary disclosure-only settlements. The Securities and Exchange Commission brought a record number of enforcement proceedings and paid millions of dollars in whistleblower bounties, and the Department of Justice continued to target the individuals involved in corporate wrongdoing.
The election of Donald J. Trump, however, overwhelms all other trends and developments. Trump’s election was unanticipated by most experts, and it has created significant uncertainty. Almost daily, there are conflicting news reports concerning President-Elect Trump’s presumed intentions and legislative priorities. Few things are certain, but we can reasonably expect a number of changes that will impact Wall Street, securities litigation, and regulatory enforcement:
