Week in Review

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Hedge fund rules, cigarette warning labels, climate change in the Supreme Court, and more.

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  • The U.S. Supreme Court rejected federal nuisance lawsuits filed against power companies for harms from climate change, holding in American Electric Power Co. v Connecticut that the EPA’s authority to regulated greenhouse gases under the Clean Air Act displaced federal common law claims over climate change.
  • To improve auditing of broker-dealer control of customer securities and cash, the SEC requested comments on proposed amendments to the agency’s broker-dealer financial reporting rule.
  • J.P. Morgan will pay $154 million to the SEC to settle allegations it misled investors in a mortgage-based synthetic CDO. The charge resembled the SEC’s securities fraud action against Goldman Sachs in 2007, which settled for $550 million.