2025-05-15-Jefferies-最高法院判决季今日开启我们关注的案件_8页_157kb

Summary of SCOTUS Decision Season and Trump Administration Litigation

Core Content

The Supreme Court of the United States (SCOTUS) has begun its decision season, which is expected to conclude by the end of June. During this period, the Court will release the majority of its rulings for the term. Out of approximately 70 cases scheduled for argument, 37 have not yet seen a ruling, with the remaining decisions anticipated to be released during the six-week sprint.

The focus of the cases is primarily on the Trump administration's use of executive authority, particularly in areas such as immigration, federal funding freezes, and the firing of federal workers. A key case, Trump v. CASA, Trump v. Washington, Trump v. New Jersey, is set for oral arguments on May 15 at 10 AM ET and deals with birthright citizenship. This case could have significant implications for the use of executive orders and the scope of judicial review, especially regarding the use of universal injunctions.

Main Cases and Key Points

Birthright Citizenship Case (Trump v. CASA, Trump v. Washington, Trump v. New Jersey)

• Status: Scheduled for oral arguments on May 15, 2025.
• Summary: The case involves the executive order ending automatic citizenship for US-born children of non-citizens. A ruling in favor of Trump could allow broader use of executive orders without the risk of nationwide injunctions, thus expanding presidential power.
• Significance: Could implicitly rule on the use of universal injunctions by lower courts.

Other Notable Cases

• Noem v. Doe: Application filed; the government is appealing a stay of the Department of Homeland Security's decision to pause TPS and CHNV applications.
• Social Security Administration v. American Federation of State, County, and Municipal: Application filed; the government seeks to stay a preliminary injunction that restricts access to personally identifiable information for certain employees.
• Noem v. National TPS Alliance: Application filed; the government is requesting a stay of a court order to postpone the cancellation of TPS for Vietnamese nationals.
• United States v. Shilling: Stay granted; the government is appealing a preliminary injunction preventing the military ban on transgender individuals.
• A.A.R.P. v. Trump: Prevention of deportation granted; a ruling that prevents the deportation of Venezuelan men under the Alien Enemies Act.
• Trump v. Wilcox: Stay granted; the government is appealing the termination of Gwynne Wilcox from the National Labor Relations Board.
• Abrego Garcia v. Noem: Abrego Garcia ordered returned; the government is requesting the Supreme Court to vacate an order requiring the return of an individual from an El Salvador prison.
• Trump v. J.G.G.: TRO vacated; the government seeks to vacate a temporary restraining order that halts the deportation of undocumented immigrants.
• Department of Education v. California: Stay granted; the government is requesting the Supreme Court to vacate a temporary restraining order to reinstate education grants.
• Office of Personnel Management v. AFGE: Stay granted; the government seeks to stay a preliminary injunction requiring the reinstatement of terminated probationary employees.
• Scott Bessent v. Hampton Dellinger: Application denied; Dellinger dropped his case and ended his legal battle.
• Dept. of State v. AIDS Vaccine Advocacy Coalition et. al: Appeal dismissed; the government's request to vacate a temporary restraining order was denied.

Analyst Certifications and Disclosures

• All analysts involved in the report certify that their views accurately reflect their personal opinions and that their compensation is not directly tied to the report's content.
• Certain analysts, including Luke Sussams, Grace Elshafei, Jacqueline Murdock, and Ana Zotovic, are employed by non-US affiliates and are not registered with FINRA, which may affect their subjectivity and compliance with certain regulations.
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• Jefferies may have conflicts of interest due to its business relationships with companies covered in the report, and investors are advised to consult their own financial advisors.

Investment Ratings and Methodology

• Buy: Expected total return of 15% or more within 12 months.
• Hold: Expected total return between -10% and +15% within 12 months.
• Underperform: Expected total return of -10% or less within 12 months.
• NR: Rating and price target temporarily suspended.
• CS: Coverage suspended.
• NC: Not covered.
• Restricted: Certain communications are restricted due to company policy or regulations.
• Monitor: No financial projections or investment opinions are provided.

Jefferies uses a variety of valuation methodologies including market capitalization, growth/value analysis, volatility, and expected total return over the next 12 months. Price targets are based on factors such as EBITDA, EPS, and various multiples like EV/EBITDA and P/E.

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