By Eric Cox and Brad Brooks

CHICAGO (Reuters) – The Illinois Supreme Court on Thursday overturned the conviction of actor Jussie Smollett, the one-time star of the TV drama “Empire”, for staging a hate crime against himself in 2019.

The court agreed with defense arguments that Smollett should not have been charged a second time for filing a false hate crime report because prosecutors had already agreed to drop such charges against him in a negotiated agreement.

“We hold that a second prosecution under these circumstances is a due process violation, and we therefore reverse defendant’s

conviction,” Justice Elizabeth Rochford wrote in the opinion.

A jury in 2021 found Smollett guilty of five counts of disorderly conduct for falsely telling Chicago police that he was accosted on a dark Chicago street by two masked strangers in a racist and homophobic attack in 2019. The investigation revealed that Smollett, who is Black and gay, paid two men to stage the attack.

The actor was ordered to spend 150 days in jail, but was released after being confined for six days pending his appeal.

Smollett had claimed the attackers threw a noose around his neck and poured chemicals on him while yelling racist and homophobic slurs and expressions of support for then-President Donald Trump.

The original case against Smollett was dropped by Cook County prosecutors in the spring of 2019 in exchange for Smollett forfeiting his $10,000 bond without admitting wrongdoing.

The dismissal drew criticism from then-Mayor Rahm Emanuel and the city’s police superintendent, who called the reversal a miscarriage of justice. A special prosecutor was appointed in the summer of 2019 to investigate Smollett’s case, and new charges against him were brought in February 2020.

In a statement, Smollett’s attorney Nenya Uche said “the rule of law was the big winner today.”

Special prosecutor Dan Webb disagreed with the court’s decision and argued in a statement that there was precedent in state law to justify the second set of charges.

“Make no mistake – today’s ruling has nothing to do with Mr. Smollett’s innocence,” Webb said.

“The Illinois Supreme Court did not find any error with the overwhelming evidence presented at trial that Mr. Smollett orchestrated a fake hate crime and reported it to the Chicago Police Department as a real hate crime, or the jury’s unanimous verdict that Mr. Smollett was guilty of five counts of felony disorderly conduct,” Webb said.

The Cook County State’s Attorneys’ Office did not immediately respond to a request for comment.

In a remarkable display of financial resilience, BV Financial Inc. (BVFL) stock has soared to a 52-week high, reaching a price level of $16.20. This peak reflects a significant surge in investor confidence, as the company’s stock price has climbed an impressive 40.02% over the past year. The ascent to this new high underscores the bullish sentiment surrounding BV Financial’s performance and prospects, as shareholders celebrate the robust gains and market analysts watch closely for the company’s next moves in an ever-evolving economic landscape.

In other recent news, BV Financial has announced the approval of its 2024 Equity Incentive Plan and a significant 10% stock buyback program. The newly approved plan, backed by a majority of stockholder votes, aims to provide stock-based awards to the company’s officers, employees, and directors, aligning the interests of its key personnel with those of its shareholders. In addition, directors Joseph S. Galli, Timothy L. Prindle, and Matcheld V. Thomas were re-elected for a three-year term, and the appointment of FORVIS, LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified.

The stock buyback program, the first since its mutual-to-stock conversion in July 2023, equates to approximately 1,138,772 shares and is expected to commence no earlier than August 1, 2024. It is set to continue until June 30, 2025, pending any extensions approved by the Board of Directors and the Federal Reserve. However, BV Financial has clarified that the program may be modified, suspended, or terminated at any time due to changing market conditions and investment opportunities. These are among the latest developments in the company’s strategic initiatives.

InvestingPro Insights

BV Financial Inc.’s (BVFL) recent stock performance aligns with the data from InvestingPro, which shows a substantial 50.8% price total return over the past six months. This surge is consistent with the article’s mention of the stock reaching a 52-week high. InvestingPro Tips highlight that BVFL has experienced a “large price uptick over the last six months,” corroborating the article’s narrative of significant investor confidence.

The company’s financial health appears solid, with InvestingPro data revealing a P/E ratio of 13.93, suggesting a reasonable valuation relative to earnings. Additionally, BVFL’s operating income margin stands at an impressive 47.67% for the last twelve months as of Q3 2024, indicating strong profitability. This is further supported by an InvestingPro Tip noting that the company has been “profitable over the last twelve months.”

For investors seeking more comprehensive insights, InvestingPro offers 6 additional tips for BVFL, providing a deeper understanding of the company’s financial position and market performance.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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By Douglas Gillison

(Reuters) -A federal judge in Texas on Thursday struck down the U.S. Securities and Exchange Commission’s overhaul of Treasury dealer rules adopted earlier this year, finding that the agency had overstepped its legal authority in issuing the regulations, according to court records.

The decision marked at least the third time in a year that a court had vacated prominent SEC regulations and the latest blow from a conservative-leaning judiciary to policy goals under President Joe Biden, who is due to step down in January.

The changed legal environment has hampered the SEC’s ability to pursue its regulatory agenda this year.

“The Court holds that the Rule is in excess of the Commission’s authority based on the text, history, and structure” of the SEC’s founding statutes, U.S. District Judge Reed O’Connor of the Northern District of Texas said in an opinion.

Adopted in February over Republican officials’ objections, the rule required proprietary traders and others who routinely deal in government bonds and other securities to register as broker-dealers.

The rule aimed to address liquidity problems in the $26 trillion Treasury market, something market players said was part of the biggest market structure overhaul in decades.

An SEC spokesperson said the agency was reviewing the decision before deciding on next steps.

The case was brought by the Managed Funds Association and other trade groups representing the investment industry. O’Connor also reached the same outcome on Thursday in a separate case brought by the Blockchain Association and the Crypto Freedom Alliance of Texas, two cryptocurrency organizations.

The Alternative Investment Management Association, which had brought suit with MFA, hailed the news, saying the decisions spared hedge fund managers from “severe and adverse consequences” from what it said would have been sweeping and unprecedented changes.

Courts in December and June also struck down SEC rules on share buybacks and disclosures by private fund advisers. At least three other rules remain subject to legal challenges.

However observers say they expect President-elect Donald Trump’s administration may simply settle them in favor of industry after taking office next year.