This Day in Legal History: 26th Amendment
On June 30, 1971, the Twenty-sixth Amendment to the United States Constitution was ratified, lowering the voting age from 21 to 18. This change was largely driven by the political and social pressures of the Vietnam War era, when young Americans were being drafted to fight at 18 but could not vote. The rallying cry “old enough to fight, old enough to vote” captured the public’s attention and galvanized a national movement. Though proposals to lower the voting age had circulated for decades, the urgency escalated in the 1960s and early 1970s as anti-war sentiment intensified.
Congress passed the amendment with overwhelming support, and it achieved ratification at an unprecedented pace—taking just over three months, the fastest in U.S. history. This amendment added a new section to the Constitution, explicitly prohibiting federal and state governments from denying the right to vote to citizens aged 18 or older based on age. The swift ratification reflected broad bipartisan consensus and mounting public pressure to align civic duties and rights.
The legal shift represented a significant expansion of suffrage in the United States, enfranchising millions of young people. It was also a notable example of constitutional change in response to contemporary social conditions and activism. States were subsequently required to amend their laws and election systems to accommodate the younger electorate, which has since played a key role in shaping political outcomes.
Global mergers and acquisitions (M&A) in the first half of 2025 grew in value, despite fewer overall deals, thanks to a surge in megadeals—particularly in Asia. Market uncertainties tied to President Trump’s tariff initiatives, high interest rates, and geopolitical tension initially dampened expectations. However, confidence among bankers is rising, with many believing that the worst of the turbulence has passed. The U.S. equity markets, bolstered by record highs in the S&P 500 and Nasdaq, have helped restore optimism for stronger M&A activity in the second half of the year.
Preliminary data show $2.14 trillion in global deals from January through June 27, a 26% increase year-over-year, driven in part by Asia’s doubling in activity to nearly $584 billion. North America saw a 17% rise in deal value to over $1 trillion. Large deals, such as Toyota’s $33 billion supplier buyout and ADNOC’s $18.7 billion acquisition of Santos, helped drive Asia-Pacific’s share of global M&A to over 27%. Meanwhile, fewer total deals—down to 17,528 from over 20,000 last year—were offset by a 62% rise in transactions worth over $10 billion.
Eased antitrust policies in the U.S. and a drop in market volatility contributed to a more favorable environment. Investment bankers are now more optimistic, citing a strong pipeline for the second half and renewed IPO activity. Institutional investors are re-engaging, further fueling expectations of continued M&A momentum.
Global M&A powered by larger deals in first half, bankers show appetite for megadeals | Reuters
The U.S. Supreme Court recently ruled to curtail the use of “universal” injunctions—orders that block government policies nationwide—marking a major legal victory for President Donald Trump. This decision limits the ability of individual judges to halt federal actions across the entire country, reinforcing that relief should generally only apply to the plaintiffs involved. The ruling, authored by Justice Amy Coney Barrett, aimed to rein in what some conservatives see as judicial overreach.
However, this legal win may not help Trump implement one of his most controversial policies: an executive order seeking to deny birthright citizenship to U.S.-born children of non-citizen parents. Three lower court judges had already blocked the order, citing likely violations of the 14th Amendment. Although the Supreme Court narrowed the injunctions, it left room for opponents to pursue class-action suits or broader relief through state challenges.
Legal scholars expect a wave of class-action cases and continued efforts by states and advocacy groups to block the order’s implementation before the 30-day delay expires. States argue they need nationwide protection due to the administrative chaos such a policy would bring. Yet the Court declined to resolve whether states are entitled to broader injunctions, leaving that question to lower courts. If challengers fail to secure class-wide or state-level blocks, the executive order could go into effect unevenly across the country, creating legal confusion for families affected by it.
Trump wins as Supreme Court curbs judges, but may yet lose on birthright citizenship | Reuters
Senate Majority Leader John Thune is racing to meet President Donald Trump’s July 4 deadline to pass a massive tax and spending bill, navigating deep divisions within the Republican Party. The $3.3 trillion legislation, which includes $4.5 trillion in tax cuts and $1.2 trillion in spending cuts, is facing resistance from at least eight GOP senators. Key disagreements center around healthcare funding, renewable energy subsidies, and the bill’s fiscal impact, including a proposed $5 trillion debt ceiling increase.
Senators like Thom Tillis and Rand Paul are opposing the bill, citing concerns over Medicaid cuts and fiscal irresponsibility. Tillis, recently freed from political pressure after announcing he won't seek reelection, is expected to vote no. With a slim margin for passage, Thune can afford to lose only three Republican votes, counting on Vice President JD Vance to break a tie.
Market reactions have been mixed; renewable energy stocks dropped due to proposed cuts to wind and solar tax incentives. Meanwhile, moderates are pushing to preserve Medicaid benefits and clean energy credits, warning of political fallout if millions lose health coverage. Senators like Ron Johnson are pushing for deeper Medicaid cuts to reduce the bill’s overall cost.
Trump has not engaged in policy details but is pressuring lawmakers to deliver the bill on time, using social media to criticize dissenters. The Senate is set for a long amendment session, with the House potentially voting on the final version by Wednesday. Whether Thune can secure the needed votes remains uncertain as the July 4 deadline approaches.
Trump Tax Bill Hits Senate With GOP Torn by Competing Demands
In the aftermath of devastating wildfires in Los Angeles earlier this year, Wall Street firms are rushing to capitalize on a wave of lawsuits targeting utilities like Edison International and the Los Angeles Department of Water and Power. These fires, among the worst in U.S. history, destroyed over 12,000 structures and have spurred litigation that could result in tens of billions of dollars in damages. With law firms often operating on contingency fees and facing steep costs, many are turning to third-party litigation financing—a lightly regulated, fast-growing industry now valued at $16 billion in the U.S.
Major financial players including Jefferies and Oppenheimer are brokering deals to provide multimillion-dollar loans to lawyers handling these complex cases. These loans, often subject to non-disclosure agreements, carry interest rates above 20% and are repaid only when the law firms recover damages. In addition to funding legal efforts, some investors are purchasing subrogation claims from insurers, betting on favorable court outcomes.
California’s legal doctrine of inverse condemnation makes it easier for plaintiffs to hold utilities liable without proving negligence, further enticing investors. While some attorneys refuse outside funding to preserve client interests, others argue that financing is essential for firms lacking deep capital reserves. Critics, including regulators and advocacy groups, are raising concerns about the opacity of the funding industry and the potential for conflicts of interest.
Wall Street Backs Los Angeles Wildfire Lawsuits, Chasing Billions
Share this post