Votes & Verdicts

The Trump administration’s tariffs are among key topics that BI litigation and policy analysts are following this week, including among others reciprocal tariffs, tariffs on steel and aluminum and tariffs on Canada, China and Mexico. Ted Murphy, partner at the global law firm, Sidley Austin, and co-leader of Sidley’s Global Arbitration, Trade and Advocacy practice joins Bloomberg Intelligence litigation analyst Holly Froum to talk about President Donald Trump’s evolving trade policy, how it differs from his first term, potential legal challenges to the tariffs, and how companies can navigate this ever-changing landscape.

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The Trump administration’s tariffs and negotiations over acquiring TikTok are among key catalysts that BI litigation and policy analysts are watching this week. The team discussed what happens next with respect to the “Liberation Day” tariffs President Donald Trump announced on April 2 and the impacts it could have on companies like Nike, Levis, and Stellantis. The team also analyzed the legal issues surrounding the use of the International Economic Emergency Powers Act (IEEPA) to justify the tariffs. We closed with an update on TikTok and the April 5 deadline for its sale or ban in the US.

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Updates on hearings to confirm Paul Atkins as SEC chair and what it means for companies like Coinbase, Robinhood, CBOE, Nasdaq and Virtu are among key catalysts that BI litigation and policy analysts are watching this week. The team also discussed the legality of auto tariffs announced by President Donald Trump on March 26 and reciprocal tariffs expected on April 2. The firing of FTC commissioners Alvaro Bedoya and Rebecca Kelly Slaughter is unlikely to materially affect the outcome of cases against Meta, Amazon.com, UnitedHealth, Cigna, CVS and other companies, but lawsuits challenging their termination could provide insights into Trump’s ability to fire Fed Chair Jerome Powell. A US Supreme Court March 26 hearing signaled the high court will probably reject a constitutional challenge to the FCC’s $8 billion universal-service subsidy program, from which AT&T, Charter and Verizon have received funds.

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US TV and radio broadcasters like Nexstar, Sinclair and Tegna face fierce competition from internet-delivered platforms, yet only the broadcasters are limited by strict FCC ownership rules. With Republicans now controlling the FCC, Congress and the White House — and with a business-friendly court overseeing broadcasters’ litigation against the FCC — the broadcasters have their best chance in decades to ease the FCC rules, potentially creating opportunities to pursue deals that unlock economies of scale. In this Votes and Verdicts Brief, Bloomberg Intelligence analysts Matthew Schettenhelm and Jennifer Rie tackle the legal path ahead on this important issue.

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There are over three dozen US lawsuits between rights holders and developers of large language models, with the main point of contention being whether it was permissible “fair use” to train LLMs with copyrighted content. Newspaper organizations, authors, music publishers and visual artists have filed suits against OpenAI, Microsoft, Meta, Google and Anthropic, among other leading developers. Damages could run into the hundreds of billions of dollars, with the potential for milestone decisions this year. In this episode of Votes and Verdicts, Frankfurt Kurnit Klein & Selz partner Jeremy S. Goldman joins Bloomberg Intelligence analyst Tamlin Bason to discuss AI copyright issues and analyze how a recent rejection of fair use in an LLM dispute may influence pending cases.

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Updates from the CFPB and SEC in litigation challenging rules concerning credit-card late fees and climate disclosures are among key March catalysts that BI’s litigation and policy analysts are watching. The team also discusses Nexstar and broadcasters in court March 19 over FCC limits on TV- and radio-station ownership. We’re also watching a March 24 hearing to bar experts in suits alleging Abbott and Reckitt’s Mead Johnson infant formula caused necrotizing enterocolitis. Apple may face sanctions in Epic v. Apple for violating an injunction. We expect a ruling on Elon Musk and xAI’s bid for a preliminary injunction against Sam Altman and others seeking to halt OpenAI’s conversion to for-profit status. We also discussed bank capital rules and the impact of budget talks to the health-care sector and the Inflation Reduction Act.

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What are the biggest security risks facing companies in the US and around the world? What can companies do to prepare against cyberattacks? How should they balance the benefits and risks of AI? How should companies navigate operating in China? How should they approach policy shifts from one presidential administration to the next? On the latest edition of the Votes and Verdicts podcast, former FBI Chief of Staff and current Fenwick & West partner Jon Lenzner joins BI analysts Elliott Stein and Nathan Dean to discuss these issues and more.

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The political shift in Washington DC is rippling through to states and may bring additional challenges to officials trying to navigate the changes. Arizona Attorney General Kris Mayes joins Bloomberg Intelligence analysts Justin Teresi and Holly Froum to discuss a wide range of litigation and policy issues on which her office is leading the states. On the antitrust front, we delve into recent cases against RealPage and landlords, like Camden Property Trust, around alleged use of artificial-intelligence algorithms to fix rent prices, and Mayes’ involvement in blocking the Kroger-Albertson’s merger. We also examine the role of Arizona and other states in litigation against manufacturers of forever chemicals, including 3M, DuPont and Chemours, seeking compensation for cleanup efforts across the state.

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Dr. Betsy Southerland, former EPA director of the Office of Science and Technology, joins Bloomberg Intelligence Litigation analyst Holly Froum to talk about the regulatory outlook for alleged cancer-linked PFAS, also known as “forever chemicals,” found in drinking water. Dr. Southerland discusses how and why the Trump EPA may roll back Biden-era rules passed in April that designated two of the most widely studied PFAS as hazardous under EPA Superfund laws and set maximum contaminant levels in drinking water. Dr. Southerland discusses how this could impact the safety of water for years to come and how Trump’s EPA may impact legal challenges to the rules by historic manufacturers like Chemours.

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What’s the outlook for policies coming out of Washington in 2025? What are markets potentially missing? Will Trump’s threatened tariffs be imposed? Will Congress be able to pass a bill that extends the 2017 Trump-era tax cuts? Will we have a debt ceiling crisis? How will regulators “de-regulate” in their sectors? On the latest edition of Votes and Verdicts, Veda Partners Cofounder and Director of Economic Policy Research Henrietta Treyz and BTIG Managing Director and Director of Policy Research Isaac Boltansky joined BI analysts Elliott Stein and Nathan Dean to discuss these issues and more.

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