U.S.President Donald Trump arrives at Detroit Metropolitan Wayne County Airport, in Michigan, U.S., January 13, 2026. REUTERS/Evelyn Hockstein
(Washington, DC) – The family of Commerce Secretary Howard Lutnick is facing renewed scrutiny after the Supreme Court invalidated most of President Donald Trump’s emergency tariffs — a ruling that could open the door to billions in potential refunds.
At issue is Cantor Fitzgerald, the Wall Street firm formerly led by Lutnick and now run by his sons, Brandon and Kyle. Prior reporting from Wired said the firm explored purchasing rights to possible tariff refunds from companies that had already paid duties — in exchange for 20–30% of the amount paid.
If refunds are ultimately approved, those deals could prove profitable.
What the Court Decided
The Supreme Court ruled that Trump improperly used the International Emergency Economic Powers Act (IEEPA) to impose sweeping tariffs without congressional approval. The Court emphasized that Congress holds authority over taxation, including tariffs.
The justices did not determine whether companies will automatically receive refunds, but legal experts say businesses may now seek repayment.
Conflict Concerns Raised
Lutnick stepped down as Cantor CEO before becoming Commerce Secretary. His sons now lead the firm.
Democratic Senators Ron Wyden and Elizabeth Warren previously questioned whether the reported refund-rights strategy posed conflict-of-interest concerns, given Lutnick’s role in shaping tariff policy.
Cantor Fitzgerald has denied taking positions tied to the legality of the tariffs and called reports suggesting otherwise “completely false.”
With refund questions unresolved, scrutiny surrounding the Lutnick family’s firm is likely to continue.
