Meet the quiet winners of the Supreme Court tariff ruling: hedge funds creating a $100 billion market snapping up rights to importers’ tariff refunds

At the end of February, Rep. Jamie Raskin, ranking member of the House Judiciary Committee, sent a letter to Commerce Secretary Howard Lutnick and his son Brandon Lutnick, who took over as chair of financial services firm Cantor Fitzgerald, replacing his father as top brass when Lutnick took a spot on President Donald Trump’s cabinet.

Raskin demanded an investigation into Cantor Fitzgerald, which he alleged had engaged in buying the rights to tariff refunds from U.S. companies, offering...