Supreme Court Decision Alert - May 16, 2016

Today, the Supreme Court issued three decisions, described below, of interest to the business community.

• Article III Standing—Pleading Injury-in-Fact
• Securities Exchange Act—Scope of Exclusive Federal Jurisdiction
• Bankruptcy—The "Actual Fraud" Bar

Article III Standing—Pleading Injury-in-Fact

Spokeo, Inc. v. Robins, No. 13-1339

The Supreme Court today issued its decision in Spokeo, Inc. v. Robins, a closely-watched case presenting the question whether Article III's "injury-in-fact" requirement for standing to sue in federal court may be satisfied by alleging a statutory violation without any accompanying real-world injury.

The Court held that a plaintiff must allege "concrete" harm—which it described as harm that is "real"—to have standing to sue, and that the existence of a private right of action under a federal statute does not automatically suffice to meet the "real" harm standard. The decision is likely to have a meaningful impact on class