Macquarie Infrastructure Corp. v. Moab Partners, L.P. (601 U.S. 257)
U.S. Supreme Court · decided April 12, 2024 · Supreme Court Database (Spaeth)
- Citation
- 601 U.S. 257 · 144 S. Ct. 885
- Decided
- April 12, 2024
- Term
- October Term 2023
- Vote
- 9–0
- Majority author
- Justice Sotomayor
- Issue area
- Economic Activity
- Disposition
- Vacated and remanded
- Outcome
- Petitioning party won
- Ideological direction
- Conservative
Opinion excerpt
(Slip Opinion) OCTOBER TERM, 2023 1 Syllabus NOTE: Where it is feasible, a syllabus (headnote) will be released, as is being done in connection with this case, at the time the opinion is issued. The syllabus constitutes no part of the opinion of the Court but has been prepared by the Reporter of Decisions for the convenience of the reader. See United States v. Detroit Timber & Lumber Co., 200 U. S. 321 , 337. SUPREME COURT OF THE UNITED STATES Syllabus MACQUARIE INFRASTRUCTURE CORP. ET AL. v. MOAB PARTNERS, L. P., ET AL. CERTIORARI TO THE UNITED STATES COURT OF APPEALS FOR THE SECOND CIRCUIT No. 22–1165. Argued January 16, 2024—Decided April 12, 2024 Petitioner Macquarie Infrastructure Corporation owns a subsidiary that operates terminals to store bulk liquid commodities, including No. 6 fuel oil, a byproduct of the refining process with a typical sulfur content close to 3%. In 2016, the United Nations’ International Maritime Or- ganization formally adopted IMO 2020, a regulation capping the sulfur content of fuel oil used in shipping at 0.5% by 2020. In the ensuing years, Macquarie did not discuss IMO 2020 in its public offering docu- ments. In February 2018, however, Macquarie announced a drop in the amount of storage contracted for use by its subsidiary due in part to the decline in the No. 6 fuel oil market. Macquarie’s stock price fell 41%. In response, Moab Partners, L.…
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