Lawsuit Claims Biden Unconstitutionally Blocked Nippon Steel's $14.9 Billion Bid for U.S. Steel - PRESS AI WORLD
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Lawsuit Claims Biden Unconstitutionally Blocked Nippon Steel's $14.9 Billion Bid for U.S. Steel

share-iconMonday, January 06 comment-icon3 weeks ago 7 views
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reutersREUTERS
Lawsuit Claims Biden Unconstitutionally Blocked Nippon Steel's $14.9 Billion Bid for U.S. Steel

Credited from: REUTERS

  • U.S. Steel and Nippon Steel have filed a lawsuit alleging that President Biden violated the Constitution by blocking their $14.9 billion merger.
  • The companies claim that Biden's decision stemmed from a biased national security review, influenced by political motives ahead of the November election.
  • The lawsuit seeks to have the court overturn Biden's ruling, allowing for an impartial review by the Committee on Foreign Investment in the U.S. (CFIUS).
  • Additionally, the companies filed another lawsuit against Cleveland-Cliffs and union representatives, accusing them of obstructing the merger.
  • The White House has not commented on the lawsuits, which come after Biden's recent preventive action based on national security concerns.

For more details, visit the original article here.

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