Nippon Steel files lawsuit over Biden’s decision to block US Steel acquisition

The first lawsuit will be to challenge unlawful political influence, asking the courts to set aside the CFIUS review process and US president Biden’s blocking order. Nippon Steel claims that its legal actions are necessary and they are confident that they have a strong case to rightfully close out the proposed transaction to acquire US steel.

The firm also says that the litigation will clearly establish that Biden has ignored the rule of law to gain favour with United Steelworkers and to support his own political agenda. Big, big claims. However, there’s certainly truth in that. From before: Rejecting the US Steel sale to Nippon Steel will mark the end of an era in US capitalism

This article was written by Justin Low at www.forexlive.com.