The Digester

Hedge funds and specialty firms that bought rights to possible tariff refunds at pennies on the dollar are positioned to earn large returns after the Supreme Court ruled the tariffs illegal, but whether the government must issue refunds remains unresolved.

The Supreme Court ruled that tariffs imposed under the International Emergency Economic Powers Act were illegal.
Investment firms bought tariff refund claims from importers at cents on the dollar after the tariffs were announced.
Some buyers acquired tens of millions in claims while others, like 117 Partners founder Thomas Braziel, bought smaller positions and expect large returns.
SCOTUS did not decide whether the government must issue refunds, and the question will return to lower courts.
The administration could appeal or contest any lower-court refund order, leaving the timing and size of payouts uncertain.

SCOTUS voids Trump IEEPA tariffs, investors who bought refund claims stand to profit

Sources