The burden for a stay is a steep one, and the Indiana funds didn’t meet it: the applicant has to demonstrate a likelihood that four Justices would consider the challenge sufficiently meritorious to grant certiorari; a fair prospect that the court will consider the lower court’s ruling erroneous; and a likelihood of irreparable harm in the absence of a stay.
I’m not 100% sure, but I suspect Mourlock and the Indiana funds can keep challenging the decision, but not on an expedited basis — or at least they can petition the Supreme Court for certiorari. I’m not sure what the posture was before the Second Circuit. That level of appeal could be exhausted. But the Supreme Court’s decision today isn’t a decision on the merits.