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On January 23, 2025, the U.S. Supreme Court granted the Government’s motion to stay the nationwide injunction previously issued by the district court in the Texas Top Cop Shop, Inc., et al. v. Merrick Garland litigation. The Supreme Court’s Order is attached. As a result, the nationwide injunction issued in Texas Top Cop is no longer in effect. However, an injunction of enforcement of the CTA was recently entered in another Eastern District of Texas federal case, Smith v. United States Department of the Treasury, No. 24-cv-336. Accordingly, FinCen has acknowledged that reporting companies are currently not required to file the beneficial ownership information with FinCen and are not subject to liability if they fail to do so while the Smith litigation order remains in effect. The Government still could appeal the Smith ruling, and the Supreme Court did not address the Smith case in its recent Texas Top Cop Shop opinion. So, for now, filing of BOI reports by reporting companies under the CTA is wholly voluntary, and not required. We will continue to monitor the various CTA-related litigation matters and provide updates. Please do not hesitate to contact any member of Vedder Price’s CTA Working Group with any questions.

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Chicago

Corporate Transparency Act Update – SCOTUS Stays Enforcement of Nationwide Injunction

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