On January 8, 2026, the Ninth Circuit Court of Appeals allowed U.S. company Seagate Technology LLC and its foreign entities—Seagate Thailand and Seagate Singapore—to move forward with their claims against Japanese company NHK Spring Co., Ltd. under United States antitrust (i.e., competition) laws. 

Recent developments suggest a potential inflection point in the proxy advisory landscape. JPMorgan Chase & Co.’s decision to discontinue the use of proxy advisory firms in favor of an internal, AI-driven voting platform, combined with escalating regulatory, legislative, and enforcement activity targeting the industry, signals heightened scrutiny of the role and influence of proxy advisors in U.S. capital markets. In this alert, we examine JPMorgan’s move, the broader regulatory and political backdrop, and what these developments may mean for plan fiduciaries, asset managers, and public companies navigating proxy voting and governance decisions in a rapidly evolving environment.