News & Analysis as of

Article II

SEC ALJs Before the Supreme Court: Will the Court Take The Issue?

by Dorsey & Whitney LLP on

The validity of the SEC ALJs’ under the Constitution’s Appointments Clause is a critical issue the Supreme Court is considering for addition to its docket this term which will begin on the first Monday in October. Petition...more

Circuit Split Cries Out for Supreme Court Review - Have SEC ALJs been operating contrary to the U.S. Constitution?

The District of Columbia Circuit Court of Appeals’ earlier decision in Lucia v. SEC that U.S. Securities and Exchange Commission (SEC) administrative law judges (ALJs) are employees who are not subject to the Appointments...more

The Paris Agreement: Where We Were, Where We Are, Where We Are Going

On June 1, 2017, President Donald Trump announced that the United States would withdraw from the Paris Agreement (the “Agreement”), describing it as “disadvantaging the United States” and indicating that the United States...more

D.C. Circuit Considers Reversal of Earlier Decision and May Declare SEC Administrative Law Judges Inferior Officers Subject to...

by K&L Gates LLP on

On Wednesday, May 24, 2017, the U.S. Court of Appeals for the District of Columbia Circuit, sitting en banc, heard arguments in Raymond J. Lucia Cos. v. SEC, a case in which it is tasked with deciding whether the...more

SEC Stays ALJ Cases Subject to 10th Circuit Review

by Burr & Forman on

On Monday, May 22, the SEC stayed all its administrative proceedings assigned to an ALJ in which a Respondent has an option for review by the 10th Circuit. (Securities laws provide appellate review of SEC administrative...more

SEC Enforcement, ALJs and the Appointments Clause – Part II

by Dorsey & Whitney LLP on

This is the second of two articles reviewing the arguments of the parties in SEC v Raymond J. Lucia Companies, Inc., v. Securities and Exchange Commission, No. 15-1345 (D.C. Cir. Argument May 24, 2017). In that case the en...more

SEC Enforcement, ALJs and the Appointments Clause

by Dorsey & Whitney LLP on

The future of the SEC’s administrative enforcement process and, in particular its Administrative Law Judges, will be the focus of the D.C. Circuit this week as the Court, sitting en banc to hear oral argument in SEC v Raymond...more

Circuits Split Over Constitutionality of SEC’s Administrative Law Judges

by 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

U.S. Supreme Court Strikes Down Appointment of Former NLRB Acting General Counsel

by Littler on

On March 21, 2017, the U.S. Supreme Court affirmed the D.C. Circuit’s holding that Lafe Solomon, who was appointed by former President Barack Obama to serve as acting general counsel to the NLRB in June 2010 when the prior...more

DC Court of Appeals Orders Rehearing of PHH v. CFPB

by Goodwin on

On February 16, 2017, the United States Court of Appeals for the DC Circuit granted Respondent Consumer Financial Protection Bureau’s (CFPB) petition for rehearing en banc of PHH Corp. v. CFPB, No. 15-1177 (D.C. Cir.). In...more

D.C. Circuit Agrees to Hear Controversial PHH Case En Banc

by BakerHostetler on

On Feb. 16, 2017, the D.C. Circuit granted the CFPB’s petition to rehear en banc the court’s landmark October 2016 decision finding that the structure of the CFPB was unconstitutional. In its Feb. 16, 2017, order the D.C....more

DC Circuit Grants CFPB’s Petition for Rehearing En Banc in PHH Case

On February 16, the U.S. Court of Appeals for the D.C. Circuit entered an order granting the Consumer Financial Protection Bureau’s (CFPB) petition for rehearing en banc in the PHH Corporation, et al., v. Consumer Financial...more

D.C. Circuit Grants Rehearing in PHH Case

by McGuireWoods LLP on

On Thursday, February 16, 2017, the D.C. Circuit granted the Consumer Financial Protection Bureau’s (CFPB) petition for rehearing en banc in PHH Corporation v. Consumer Financial Protection Bureau. The Order marks the latest...more

Court Grants CFPB's Petition for Rehearing in PHH

The D.C. Circuit has vacated its prior order in PHH Corporation v. Consumer Financial Protection Bureau and ordered the matter be reheard en banc. The parties have been specifically asked to address the following issues in...more

Democratic lawmakers/ Democratic state AGs/ consumer advocacy groups seek reconsideration en banc of motions to intervene in PHH...

by Ballard Spahr LLP on

After the D.C. Circuit panel issued a per curiam order on February 2 denying the three motions to intervene that were filed in the PHH case, we expected the next development in the case to be a decision by the D.C. Circuit on...more

President's Immigration Ban Remains Blocked

by Fisher Phillips on

Federal Appeals Court Rejects Government Bid To Reinstate Travel Ban - After hearing an emergency oral argument late Tuesday, the 9th Circuit Court of Appeals agreed with a lower federal court judge and late today upheld...more

2016 Year In Review: Securities Litigation And Regulation

2016 was an active year in securities litigation. In the first half of 2016 alone, plaintiffs filed 119 new federal class action securities cases. It was also a busy year for SEC enforcement proceedings, with a record 868...more

Tenth Circuit ruling on constitutionality of SEC administrative judges: implications for CFPB

by Ballard Spahr LLP on

Just before year-end, the U.S. Court of Appeals for the Tenth Circuit, in Bandimere v. United States Securities and Exchange Commission, set aside an SEC decision finding the petitioner liable for violating various securities...more

Appellate Court Decision Casts New Doubts Regarding SEC Administrative Actions

by Bryan Cave on

A recent federal appellate decision casts new doubt on the SEC’s practice of using its own administrative law judges (ALJs) to hear actions brought by the SEC Enforcement Division. In a decision late last month, the U.S....more

Circuits Split - Tenth Holds SEC ALJs Unconstitutional

by Burr & Forman on

The Tenth Circuit recently held that the SEC’s in-house judges are “inferior officers” hired in violation of Article II’s Appointment Clauses, creating a split with the D.C. Circuit over the issue. The Tenth Circuit held...more

Ten Questions and Nine Answers about PHH and the Future of the CFPB Director

by Morrison & Foerster LLP on

The potentially explosive combination of the D.C. Circuit’s October decision in PHH v. CFPB and the outcome of the presidential election has spurred a host of questions about how the PHH litigation may proceed and about the...more

Consumer Financial Services Newsletter - November 2016

by Hinshaw & Culbertson LLP on

D.C. Circuit Delivers First Blow to CFPB, Trump Win Delivers Second - The future of the Consumer Financial Protection Bureau (CFPB) is up for grabs following a landmark Court of Appeals Decision, PHH Corporation v....more

Structure Of CFPB Found To Be Unconstitutional But Agency Survives With Cut To Director’s Power

by Carlton Fields on

The DC Circuit Court of Appeals recently held that the single-director structure of the Consumer Financial Protection Bureau (“CFPB”) was unconstitutional, and gave the President the authority to fire the director at will in...more

US Court of Appeals for the DC Circuit Declares Structure of the US Consumer Financial Protection Bureau Unconstitutional

by Shearman & Sterling LLP on

The US Court of Appeals for the DC Circuit declared the structure of the US Consumer Financial Protection Bureau unconstitutional, stating that the “massive, unchecked power” exercised by its director, Richard Cordray, lacks...more

D.C. Circuit: SEC’s In-House Court is Constitutional

by Carlton Fields on

Previously, we advised that the Securities and Exchange Commission’s increased preference for bringing enforcement actions in its in-house court had triggered jurisdictional and constitutional challenges to SEC administrative...more

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