It's back to the drawing board for Kenneth Starr and the rest of the Free Enterprise Fund's legal team. U.S. District Court Judge James Robertson entered summary judgment against the FEF yesterday. The lawsuit challenged the constitutionality of the Public Company Accounting Oversight Board -- and by extension, the Sarbanes-Oxley Act as a whole.
According to Forbes, the judge opined that the Free Enterprise Fund's challenge was based on nothing more than a hypothetical situation involving "rogue" PCAOB investigators. In other words, the big business lobbyist is out of luck -- at least at this level.
The Free Enterprise Fund won't give up, though. Forbes quotes Starr as saying that the group will "continue to press [its] important cause" all the way to the U.S. Supreme Court.