News & Analysis as of

Due Process Securities and Exchange Commission (SEC) Appointments Clause

WilmerHale

D.C. Circuit Forfeiture Holding Highlights Importance of Involving Litigation Counsel in the Early Stages of Administrative Agency...

WilmerHale on

On February 26, 2021, in Springsteen-Abbott v. Securities and Exchange Commission, a panel of the U.S. Court of Appeals for the D.C. Circuit held that a petitioner challenging sanctions imposed by the Financial Institutions...more

Dechert LLP

Tenth Circuit Court of Appeals Finds SEC’s Process for Designating Administrative Law Judges to be Defective, Causing Split with...

Dechert LLP on

The U.S. Court of Appeals for the Tenth Circuit on December 27, 2016, in Bandimere v. SEC, found the Administrative Law Judges (ALJs) used by the U.S. Securities and Exchange Commission (SEC) to hear its administrative...more

Burr & Forman

Tilton Tilts at SEC Enforcement, Again

Burr & Forman on

Having lost her initial suit (and appeal) to enjoin an SEC administrative enforcement action against her, the so-called “diva of distressed,” Lynn Tilton recently filed another lawsuit trying to halt her upcoming October 24...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

Carlton Fields

Supreme Court Declines to Review Constitutionality of SEC In-House Court

Carlton Fields on

The SEC’s increased use of its own "home court" for enforcement proceedings has triggered constitutional challenges to SEC administrative proceedings (APs). See "Defendants Challenge SEC’s Increased Use of Administrative...more

Burr & Forman

SEC ALJ Slams Bebo; Summarily Denies ConLaw Challenge

Burr & Forman on

Laurie Bebo, CEO of Assisted Living Concepts, initially got some sympathetic words from the U.S. District Judge who felt constrained to turn away her constitutional challenge to the SEC’s administrative forum: The Court...more

Morgan Lewis

Tweaking the “Home Court” Rules for SEC Administrative Proceedings

Morgan Lewis on

SEC proposes modest amendments to AP process to enhance efficiency and address concerns regarding fairness. In an effort to enhance the efficiency of its processes in administrative proceedings (APs) and bolster its...more

Burr & Forman

SEC ALJ Dismisses Case: Inside-Info Trades, But No Tipper Benefit

Burr & Forman on

An SEC administrative law judge (“ALJ”) found that former Wells Fargo trader Joseph Ruggieri traded on material nonpublic information tipped him by former analyst Greg Bolan, but dismissed the insider-trading charges against...more

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