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Securities and Exchange Commission (SEC) Constitutional Challenges Corporate Counsel

Woods Rogers

Repeal, Not Replace: President Trump’s Directive To Deregulate

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On April 9, 2025, President Trump issued a Presidential Memorandum titled “Directing the Repeal of Unlawful Regulations,” marking a significant step in the Administration’s push to deregulate under the broader DOGE...more

Axinn, Veltrop & Harkrider LLP

In SEC v. Jarkesy, Supreme Court Leaves Open Constitutional Challenges Related to FTC Structure and Process

In a much-watched case concerning the administrative state, on June 27, the Supreme Court decided in SEC v. Jarkesy that defendants facing a fraud suit by the SEC have a Seventh Amendment right to a jury trial in an Article...more

Goodwin

2023 Year in Review: Major U.S. Supreme Court and Appellate Cases

Goodwin on

Welcome to the Major US Supreme Court and Appellate Cases chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - The Supreme Court continues to take a close look at major...more

Morrison & Foerster LLP

Top 5 SEC Developments (November 2023)

Morrison & Foerster LLP on

Each month, we publish a roundup of the most important SEC enforcement developments for busy in-house lawyers and compliance professionals. This month, we examine: • The SEC’s announcement of its Fiscal Year 2023 enforcement...more

Fisher Phillips

SCOTUS Delivers a Win for Businesses Challenging Federal Agency Actions: 4 Key Takeaways for Employers

Fisher Phillips on

The Supreme Court recently handed a victory to employers by giving them more tools to challenge federal agencies during administrative proceedings. Employers likely know how daunting it can seem to challenge federal officials...more

Morrison & Foerster LLP

Supreme Court Deals Latest Setback to Government’s Use of ALJs in Consolidated Axon Enterprise v. FTC and SEC v. Cochran Decision

In a setback to the SEC’s and other federal agencies’ use of administrative law judges (“ALJs”) to conduct in-house enforcement proceedings, the U.S. Supreme Court recently issued a unanimous decision in Axon Enterprise, Inc....more

Fenwick & West LLP

California Court Finds California Board Diversity Law Unconstitutional

Fenwick & West LLP on

On April 1, 2022, the Superior Court of California, County of Los Angeles granted the plaintiffs’ motion for summary judgment in a case challenging the legality of AB 979 under the California Constitution...more

Jones Day

Fifth Circuit Holds District Court Has Jurisdiction to Hear Constitutional Challenge to SEC Administrative Law Judges

Jones Day on

The Fifth Circuit's opinion creates a circuit split that raises the possibility of a Supreme Court review. On December 13, 2021, the Fifth Circuit issued an en banc opinion in Cochran v. U.S. Securities & Exchange...more

Herbert Smith Freehills Kramer

Fifth Circuit Agrees to Rehear En Banc Whether Federal Courts Can Decide Constitutionality of Removal Protections for SEC’s...

On Oct. 30, 2020, the Fifth Circuit agreed to rehear en banc a case challenging the constitutionality of Securities and Exchange Commission (SEC) administrative proceedings on the ground that the agency “is violating...more

Skadden, Arps, Slate, Meagher & Flom LLP

Key Supreme Court Cases From the 2019-20 Term and a Look Ahead to the 2020-21 Term

On September 23, 2020, a panel of Skadden attorneys hosted a webinar entitled “Key Supreme Court Cases From the 2019-20 Term and a Look Ahead to the 2020-21 Term.” Panelists Julie Bédard, Boris Bershteyn, Jocelyn E. Strauber...more

Littler

Supreme Court Year in Review: Union Agency Fees, Travel Restrictions, and the Retirement of Justice Kennedy

Littler on

The U.S. Supreme Court closed out its most recent term, which began in October 2017, with a number of high-profile and ground-breaking decisions. ...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

Burr & Forman

SEC About-Face, About Time, on ALJs

Burr & Forman on

On November 29, the SEC did an about-face and admitted its ALJs are “inferior officers” (not merely employees) subject to the Constitution’s Article II appointment provisions. The Solicitor General’s brief on behalf of the...more

Carlton Fields

Circuits Split Over Constitutionality of SEC’s Administrative Law Judges

Carlton Fields on

The Tenth Circuit Court of Appeals, in Bandimere v. SEC, recently held that the SEC’s administrative law judges (ALJs) are “inferior officers” whose appointments violate the Appointments Clause of the U.S. Constitution...more

Allen Matkins

10th Circuit Holds SEC ALJs Are Holding Office Unconstitutionally

Allen Matkins on

In March 2015, I posed the following question: But if you were hailed before an unconstitutional tribunal with the ostensible authority to fine you and bar you from working, would you want a “real” court to step in and...more

Morrison & Foerster LLP

Top Ten International Anti-Corruption Developments for June 2016

In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important international anti-corruption developments from the past month, with links to primary...more

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