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Securities and Exchange Commission (SEC) Federal Rules of Civil Procedure Enforcement Actions

Holland & Knight LLP

Meta-Gaming Regulatory Enforcement as Litigation Strategy

Holland & Knight LLP on

The regulatory landscape is never static. The arrival of a new presidential administration often brings a shift in enforcement priorities, and President Donald Trump's administration has delivered that in spades with regard...more

Lowenstein Sandler LLP

Supreme Court: SEC Cannot Force Defendants in Civil-Penalty, Antifraud Enforcement Actions To Litigate Before the Commission...

Lowenstein Sandler LLP on

The U.S. Supreme Court recently decided SEC v. Jarkesy. That decision held that individuals subject to U.S. Securities and Exchange Commission (SEC or Commission) enforcement actions in which the SEC seeks civil penalties for...more

Carlton Fields

The SEC’s Compulsory Practice of Restraining Free Speech: “You Signed It, So Live With It!”

Carlton Fields on

Since 1972, the SEC has prohibited defendants who settle civil enforcement actions with the SEC without admitting or denying wrongdoing from later publicly “denying the allegations in the complaint” filed against them. The...more

Goodwin

Appeal of Certification of Nationwide Class in ERISA Lawsuit

Goodwin on

On December 1, 2022, the U.S. Court of Appeals for the Second Circuit vacated and remanded a district court’s decision to certify a class of more than 200,000 retirees alleging that collateralized loans serviced by the...more

Proskauer - Corporate Defense and Disputes

Father Sometimes Knows Best: District Court Blasts SEC’s “No Admit, No Deny” Provisions

In a scathing opinion, Southern District of New York Judge Ronnie Abrams recently blasted the SEC’s standard demand that defendants settling with the Commission agree never to deny the allegations against them. Judge Abrams’...more

Allen Matkins

The Fifth Circuit Sides With Justinian and Blackstone

Allen Matkins on

As has been widely reported, the Fifth Circuit Court of Appeals this week addressed the legal status of the administrative courts of the Securities and Exchange Commission.  In short, the Court held...more

Holland & Knight LLP

"Shadow Trading" Case Survives Defendant's Motion to Dismiss

Holland & Knight LLP on

The U.S. District Court for the Northern District of California in SEC v. Panuwat, a case we discussed in a previous blog as having significant repercussions for insider trading enforcement in fiscal year (FY) 2022, just...more

Robins Kaplan LLP

Your Daily Dose of Financial News

Robins Kaplan LLP on

Though he was apparently ready to go with his “verbal agreement with the Saudis” defense, Elon Musk capitulated to pressure “from his lawyers and investors of Tesla” and agreed to resolve all SEC allegations of wrongdoing,...more

Dorsey & Whitney LLP

SEC Enforcement after Kokesh and Cohen

Dorsey & Whitney LLP on

The remedies the Securities and Exchange Commission (“SEC”) can seek in its enforcement actions are a critical question in the wake of the Kokesh v. SEC, 137 S.Ct. 1635 (2017) and SEC v. Cohen, Civil Action No. 17-cv-430...more

Cadwalader, Wickersham & Taft LLP

The SEC Retains its House Advantage During Administrative Proceedings

Amendments to the Rules of Practice Do Little to Address Criticism that the Deck is Stacked - Facing pressure from industry practitioners and in the wake of constitutional challenges in multiple jurisdictions, the...more

Morrison & Foerster LLP

Administrative Proceedings vs. Federal Court: The SEC Provides Limited Transparency Into Its Choice of Forum

For the past two years, the SEC has come under heavy fire, both inside and outside the Commission, for its increasing use of its own administrative proceedings, rather than federal courts, as the preferred forum for bringing...more

Dorsey & Whitney LLP

SEC Use of Administrative Proceedings Challenged Again

Dorsey & Whitney LLP on

The SEC was granted authority in the Dodd-Frank Act to initiate administrative proceedings against non-regulated persons. In those proceedings the full range of remedies are available – a cease-and-desist order, disgorgement,...more

Mintz - Securities & Capital Markets...

SEC’s Increased Use of Administrative Proceedings Draws Criticism and Legal Challenges

The SEC’s plan to bring more enforcement actions as administrative proceedings before its own administrative law judges rather than in the federal district courts — even in insider trading cases — has been drawing increasing...more

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