PLI SmartBrief
SEC to change approach to proxy disputes
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November 18, 2025
 
 
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Judge rules against FTC in Meta social media antitrust case
Chief US District Judge James Boasberg ruled against the Federal Trade Commission in a lawsuit accusing Meta of having a monopoly in social networking, a case revolving around the company's purchases of WhatsApp and Instagram. "Whether or not Meta enjoyed monopoly power in the past, though, the agency must show that it continues to hold such power now," and the FTC failed to do so, Boasberg wrote.
Full Story: CNBC (11/18)
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EPA revises WOTUS rule to clarify waterway definitions
The Environmental Protection Agency said it has revised the Waters of the US rule to provide clearer definitions and regulatory terms, addressing concerns from landowners and farmers. The EPA said the update, drawing from a US Supreme Court decision, aims to balance environmental protection with economic growth by clarifying terms such as "relatively permanent" and "tributary" and by excluding certain types of land and water.
Full Story: Bloomberg Law (11/17)
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Judge to appoint examiner to probe First Brands finances
Judge Christopher Lopez of the US Bankruptcy Court in Houston says he intends to appoint an examiner to investigate financial irregularities at First Brands, including fabricated invoices and double-pledged collateral. First Brands has sued founder Patrick James, alleging asset transfers for personal gain, which James denies. Onset Financial, a major lender, opposes the examiner, citing resource drainage and governance issues.
Full Story: The Wall Street Journal (11/17)
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Judge: Texas can't use redrawn congressional map in 2026
US District Judge Jeffrey Brown held that Texas must use its congressional map from 2021 rather than its recently redrawn maps in next year's midterm elections. The new map would be expected to give Republicans as many as five more seats in the House. "To be sure, politics played a role in drawing the 2025 Map. But it was much more than just politics. Substantial evidence shows that Texas racially gerrymandered the 2025 Map," Brown wrote.
Full Story: The Texas Tribune (11/18)
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House votes 427-1 to compel release of Epstein files
The House voted 427-1 in favor of a measure to force the Justice Department to release "all unclassified records, documents, communications, and investigative materials" regarding the late convicted sex offender Jeffrey Epstein and his associate Ghislaine Maxwell, who is in prison. The bill now advances to the Senate, where key leaders have not specified whether they will bring the measure to the floor.
Full Story: NBC News (11/18)
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SEC to change approach to proxy disputes
The Securities and Exchange Commission has announced changes to the process by which companies can seek to exclude votes on shareholder resolutions, potentially making it more difficult for investors to force votes on certain topics. The SEC will no longer rule on common proxy objections until at least June 2026, citing administrative burden and resource allocation.
Full Story: Politico Pro (subscription required) (11/17), Reuters (11/17), Financial Times (11/17)
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SEC shifts 2026 exam priorities from crypto
The Securities and Exchange Commission has removed crypto asset-related services as a primary focus in its 2026 examination priorities, shifting to fiduciary duty, standards of conduct and customer data privacy. "Examinations are an important component to accomplishing the agency's mission, but they should not be a 'gotcha' exercise," SEC Chair Paul Atkins says. "Today's release of examination priorities should enable firms to prepare to have a constructive dialogue with SEC examiners and provide transparency into the priorities of the agency's most public-facing division."
Full Story: Reuters (11/17)
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