Update from Potomac Partners:
We are currently in a waiting period until Tuesday afternoon (April 5th) at the earliest and probably later in the week. The Federal Reserve Board must submit its brief by Monday (April 4th) and the brokers have one day to respond to the Fed’s brief. As we advised you on Friday, the U.S. Court of Appeals granted the hearing without considering the merits of the brokers’ case. Regardless of the decision rendered by the Court, at a minimum, it is likely that a new implementation date will be established. Of course, the Court could also send the issue back to District Court for a hearing which would would further delay implementation.
So, even if the suit fails–there could be a delay in the effective date.