This contract is tied to the Supreme Court case Department of Health and Human Services v. Florida, specifically the question of “Whether Congress had the power under Article I of the Constitution to enact the minimum coverage provision” in the Patient Protection and Affordable Care Act (ACA), oral arguments for which were heard on March 27, 2012. Should the Court rule that Congress did not have such power, the criteria for this contract shall be satisfied, entitling long position holders to a payout of the full notional value of their holdings. Should the Court not issue such a decision by the contract’s expiration date, for any reason, the criteria shall not have been satisfied, rendering long positions worthless.
This contract is unaffected by other rulings issued in this case, including whether the individual mandate is deemed “severable” from the rest of the ACA or whether the Court decides to forego or postpone a ruling on the mandate in light of the Anti-Injunction Act. It is also unaffected by subsequent acts of Congress, the executive branch, or any other government bodies that may effectively re-enact or re-institute a similar health care mandate prior to the expiration date. The sole payout criterion for this contract is that the Supreme Court affirmatively rule in Florida’s favor on the above question.
These rules will remain unchanged for the duration of the contract’s trading on this market, but are subject to revision prior to the launch of real-money trading.