Supreme Court of the United States · Official docket →
Thomas Joseph Powell, et al. v. Securities and Exchange Commission
Paid petition · United States Court of Appeals for the Ninth Circuit, No. 24-1899 · judgment August 6, 2025
Before the decision, roughly the 4.1% base rate. The model weighted this up for counsel who has won certiorari before and a Ninth Circuit decision below.
Question presented
This case involves a challenge to the constitutionality of a virtually unprecedented regulatory restriction on speech. For over 50 years, the Securities and Exchange Commission’s Gag Rule has required defendants who settle enforcement actions to commit to a lifetime prohibition on denying or criticizing—or even permitting others to criticize— the agency’s allegations. See 17 C.F.R. § 202.5(e). In the SEC’s view, this blatant prior restraint on speech is necessary to avoid the incorrect “impression” that “the conduct alleged did not, in fact, occur.” Id. But in reality, the SEC’s Gag Rule systematically deprives individuals of a quintessential American right—the right to criticize their government. Petitioners—individuals and entities directly impacted by the Gag Rule—urged the SEC to amend the rule to permit agency defendants to freely share their views. The petition noted that the Gag Rule muzzles the individuals most familiar with—and thus best positioned to criticize—the SEC’s enforcement practices. Over Commissioner Hester Peirce’s dissent—which argued that the Gag Rule was “quintessential viewpoint discrimination” designed to improperly shield the agency’s actions from public view, App. 52a—the agency denied the petition on the perverse ground that the Gag Rule is necessary to preserve the public’s “confidence” in SEC enforcement actions. On review, the Ninth Circuit blessed the agency’s rationale and approved the rule. The question presented is whether the SEC’s Gag Rule violates the First Amendment.
Counsel of record
For petitioner
Gregory George Garre
Latham & Watkins LLP
For respondent
D. John Sauer
Solicitor General
Proceedings
- Jun 29 2026Petition DENIED.
- Jun 09 2026DISTRIBUTED for Conference of 6/25/2026.
- Jun 09 2026Reply of petitioners Thomas J. Powell, et al. filed. (Distributed)
- May 26 2026Brief of Federal Respondent in opposition filed.
- May 18 2026Motion to extend the time to file a response is granted and the time is further extended to and including May 26, 2026.
- May 14 2026Motion to extend the time to file a response from May 20, 2026 to May 26, 2026, submitted to The Clerk.
- Apr 20 2026Motion to extend the time to file a response is granted and the time is extended to and including May 20, 2026.
- Apr 20 2026Brief amicus curiae of The Chamber of Commerce of the United States filed.
- Apr 20 2026Brief amici curiae of Foundation for Individual Rights and Expression, et al. filed.
- Apr 20 2026Brief amici curiae of Former Securities and Exchange Commission Attorneys filed.
- Apr 20 2026Brief amici curiae of Former SEC Targets filed.
- Apr 20 2026Brief amicus curiae of Institute for Justice filed.
- Apr 20 2026Brief amicus curiae of Buckeye Institute filed.
- Apr 20 2026Brief amicus curiae of American Securities Association filed.
- Apr 20 2026Amicus brief of Advancing American Freedom not accepted for filing. (To be resubmitted - April 22, 2026)
- Apr 20 2026Brief amici curiae of Advancing American Freedom, et al. filed. (Resubmitted)
- Apr 20 2026Brief amicus curiae of Goldwater Institute filed.
- Apr 20 2026Brief amicus curiae of Liberty Justice Center filed.
- Apr 20 2026Brief amici curiae of Hamilton Lincoln Law Institute, et al.
- Apr 20 2026Brief amicus curiae of Thomas More Society filed.
- Apr 20 2026Brief amicus curiae of Competitive Enterprise Institute filed.
- Apr 20 2026Brief amicus curiae of Floyd Abrams filed.
- Apr 17 2026Brief amicus curiae of Atlantic Legal Foundation filed.
- Apr 16 2026Motion to extend the time to file a response from April 20, 2026 to May 20, 2026, submitted to The Clerk.
- Apr 15 2026Brief amicus curiae of Cato Institute filed.
- Mar 16 2026Petition for a writ of certiorari filed. (Response due April 20, 2026)
- Jan 07 2026Application (25A786) granted by Justice Kagan extending the time to file until March 16, 2026.
- Jan 02 2026Application (25A786) to extend the time to file a petition for a writ of certiorari from January 15, 2026 to March 16, 2026, submitted to Justice Kagan.