Stock Markets February 24, 2026

Larger Corporations Join Push for Refunds After High Court Invalidates IEEPA Tariffs

L’Oreal Travel Retail Americas, Dyson and Bausch + Lomb among firms filing suits seeking refunds after Supreme Court rules tariffs unlawful

By Jordan Park FDX
Larger Corporations Join Push for Refunds After High Court Invalidates IEEPA Tariffs
FDX

Several major companies, including L’Oreal Travel Retail Americas, Dyson and Bausch + Lomb, filed claims in the U.S. Court of International Trade seeking refunds for tariffs imposed under the International Emergency Economic Powers Act (IEEPA) after the U.S. Supreme Court found the use of IEEPA to impose those duties unlawful. The filings add to a growing wave of litigation from importers trying to recover potentially billions of dollars in duties collected under the disputed emergency trade measures.

Key Points

  • Major companies including L’Oreal Travel Retail Americas, Dyson and Bausch + Lomb filed suits in the U.S. Court of International Trade seeking refunds of tariffs imposed under IEEPA.
  • The filings follow a 6-3 U.S. Supreme Court ruling that found the use of IEEPA to impose tariffs unlawful, prompting a wave of litigation by importers.
  • More than 1,400 importers have sued already, and Penn Wharton Budget Model economists estimate up to $175 billion in tariff collections could be subject to refund claims.

Several well-known corporations have moved to reclaim tariff payments following a decisive Supreme Court ruling that found the Trump administration exceeded its authority when it applied the International Emergency Economic Powers Act (IEEPA) to impose tariffs on imported goods. Court records show that on Monday L’Oreal Travel Retail Americas, Dyson and Bausch + Lomb initiated actions in the U.S. Court of International Trade seeking refunds of duties paid under those emergency trade measures.

The recent filings join an expanding list of companies that have launched legal challenges since the Supreme Court last Friday struck down the administration’s use of IEEPA to levy the tariffs. Also filing complaints this week were global logistics firm FedEx and U.S. skincare and fragrance company Sol de Janeiro, according to the court documents.

Litigation already in place encompasses more than 1,400 importers, including large retailers and manufacturers. Court documents identify big-box retailer Costco and tiremaker Goodyear as among those that have brought suits to recover duties. Trade attorneys have told courts they expect additional waves of litigation as companies pursue refunds for tariff collections they characterize as improperly imposed.

Economists at the Penn Wharton Budget Model estimate that up to $175 billion in U.S. tariff collections could be eligible for refunds, a figure that underscores the scale of potential recoveries now being litigated. The Supreme Court’s decision was rendered by a 6-3 vote, concluding the government overstepped by relying on IEEPA - a statute designed for sanctions - to impose import duties.

In their recent filings, L’Oreal, Dyson, Bausch + Lomb and Sol de Janeiro asserted they served as importer of record for goods subject to the IEEPA tariffs. L’Oreal’s complaint specifies the filing was brought by its travel retail division, which sells beauty products in duty-free and travel-related retail outlets. L’Oreal did not specify an amount it is seeking to recover in the complaint.

Consistent with other cases filed after the Supreme Court ruling, the lawsuits name U.S. Customs and Border Protection, the agency’s commissioner Rodney Scott and the United States of America as defendants. According to the filings, both CBP and the White House had not immediately responded to requests for comment.

While the Supreme Court has declared the tariff authority unlawful, how refunds will be processed remains for lower courts to determine. Legal practitioners and parties involved in the litigation caution that outcomes, including timelines for resolution and the mechanics of repayment, will be worked out in subsequent proceedings and could extend over months or years.


Contextual note: The current round of suits represents only a portion of entities that may qualify for refunds under the court’s ruling. The broader universe of potentially eligible importers and the final procedures for reclaiming duties remain subject to future court determinations.

Risks

  • Legal and procedural uncertainty - The process for recovering tariff payments must be established by lower courts, and resolutions could take months or years, affecting cash flows for importers and potentially customs administration operations.
  • Partial participation - Those who have sued represent only a fraction of potentially eligible parties, leaving unresolved the scale and distribution of potential refunds across sectors like retail, manufacturing and logistics.
  • Government response and administrative delays - With U.S. Customs and Border Protection and the White House not immediately responding to inquiries, the timing and mechanism for refunds remain unclear, creating uncertainty for companies that paid the tariffs.

More from Stock Markets

First Solar Cuts 2026 Sales Guidance, Shares Fall After-Hours Feb 24, 2026 After-Hours Movers: Mixed Earnings and Guidance Drive Volatility in Tech, Energy and Consumer Names Feb 24, 2026 PayPal Shares Extend Gains as Report Names Stripe as Potential Buyer Feb 24, 2026 Fortescue Posts 23% Rise in Half-Year Profit Fueled by Record Shipments Feb 24, 2026 Warner Bros. Discovery Shares Slip After Paramount Skydance Revises Offer; Netflix Gains Feb 24, 2026