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Reversal Securities and Exchange Commission (SEC) Corporate Counsel

Venable LLP

SEC Must Return $93 Million Penalty, First Circuit Says

Venable LLP on

The First Circuit, in a closely watched securities case, reversed a $93 million summary judgment ruling for the Securities and Exchange Commission this April. ...more

Sheppard Mullin Richter & Hampton LLP

California Court of Appeal Holds that a Corporation’s Direct Cause of Action for Breach of Fiduciary Duty is Legal Rather than...

In ZF Micro Solutions, Inc. v. TAT Capital Partners, Ltd., 2022 WL 4090879 (Cal. App. Aug. 8, 2022), the Fourth Appellate District of the California Court of Appeal decided, as a matter of first impression, that a...more

Miller Canfield

The Supreme Court Rules that SEC ALJs Were Unconstitutionally Appointed

Miller Canfield on

The U.S. Supreme Court has held that administrative law judges (ALJs) of the Securities and Exchange Commission are "Officers of the United States" under the Appointments Clause of the U.S. Constitution, and are not mere...more

A&O Shearman

United States Supreme Court Reverses And Remands SEC Administrative Proceeding - Finding That SEC Administrative Law Judges Are...

A&O Shearman on

On June 21, 2018, the Supreme Court held that Securities and Exchange Commission (“SEC”) administrative law judges (“ALJs”) are “inferior officers” of the United States, subject to the Appointments Clause of the Constitution....more

WilmerHale

Supreme Court Rules SEC ALJs Are Officers Subject to the Appointments Clause

WilmerHale on

On June 21, 2018, the Supreme Court issued its decision in Lucia v. SEC, Slip Op. No. 17-130. Securities and Exchange Commission (SEC) administrative law judges (ALJs) have traditionally been appointed by SEC staff members,...more

Stinson - Corporate & Securities Law Blog

Supreme Court Finds Appointment of SEC ALJs Unconstitutional – What’s Next?

In Lucia v. Securities and Exchange Commission, the SEC brought an administrative action before one of its administrative law judges, or ALJ’s, against Raymond Lucia for allegedly using misleading slide presentations to...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Supreme Court Holds SEC ALJs Must Be Appointed by Agency Heads

On June 21, 2018, the Supreme Court of the United States held in Lucia v. Securities and Exchange Commission that the former practice of the Securities and Exchange Commission (SEC) of having its staff employees appoint...more

Proskauer - Corporate Defense and Disputes

Ninth Circuit Holds That SOX Disgorgement of Incentive Compensation Does Not Depend on Executives’ Own Misconduct

The U.S. Court of Appeals for the Ninth Circuit held today that the Sarbanes-Oxley Act’s disgorgement provision – which requires disgorgement of certain CEO and CFO compensation when an issuer restates its financial...more

Foley & Lardner LLP

A Review of Recent Whistleblower Developments

Foley & Lardner LLP on

Second Circuit Splits from Fifth Circuit on Whistleblower SEC Reporting Obligations On September 10, 2015, the Second Circuit in Berman v. Neo@Ogilvy LLC, 2015 U.S. App. LEXIS 16071 (2d Cir. 2015), ruled that...more

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