News & Analysis as of

Forum Selection Administrative Hearings

Dorsey & Whitney LLP

DC Circuit: No Jurisdiction For Suits Re SEC Forum Selection Choice

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Suits challenging the SEC’s forum selection decisions continue to proliferate. As the trend has unfolded the Commission posted a memo on its website discussing the issue of forum selection and has proposed modifications to...more

Dorsey & Whitney LLP

Challenges to SEC Forum Selection Decisions

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Two cases challenging the SEC’s use of administrative proceedings based on the Constitution’s Appointment Clause are headed for the Circuit Courts. One, Duka v. SEC will be considered by the Second Circuit. A second, Hill v....more

Akin Gump Strauss Hauer & Feld LLP

SDNY Judge Berman Enjoins SEC Administrative Proceeding as "Likely Unconstitutional"

In recent years, taking advantage of expanded jurisdictional provisions in Dodd-Frank, the U.S. Securities and Exchange Commission (SEC) has brought an increasing number of enforcement actions, including complex matters with...more

Carlton Fields

SEC Enforcement Defendants Descend on Georgia for Judicial Relief from the SEC’s Allegedly Unconstitutional In-House Tribunal

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It is often hot in Georgia this time of year. In one particular Georgia federal court, the U.S. Securities and Exchange Commission (SEC) has been feeling some of that heat on an issue of significant interest to subjects of...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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The question of forum selection by the SEC was a key issue this week. While to date suits challenging the SEC’s right to bring an action as an administrative proceeding rather than in federal court have had little success –...more

Holland & Knight LLP

SEC Division of Enforcement Provides Guidance on Forum Selection

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The SEC generally can bring enforcement actions in either of two forums – a civil action in federal District Court or an SEC administrative proceeding (and/or cease-and-desist proceeding) before an administrative law judge....more

Carlton Fields

Having it Both Ways: Does the SEC’s Enforcement Division Guidance on Forum Selection Do Anything More Than Foreshadow Increased...

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Earlier this month, the SEC’s Enforcement Division issued its “Approach to Forum Selection in Contested Actions.” This guidance comes at a time of heightened criticism regarding the SEC’s increasing reliance on administrative...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

Suit to Enjoin SEC Forum Selection Dismissed

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Many have expressed concern regarding the increasing use of administrative proceedings by the SEC. Those concerns range from the fairness of the forum to the impact of its lack of discovery on complex cases to the right to a...more

Dorsey & Whitney LLP

Forum Selection For SEC Cases – District Court or Administrative Proceeding?

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In late September the SEC filed a settled insider trading case against an associate of an unregistered investment adviser. In the Matter of Richard O’Leary, Adm. Proc. File No. 3-16166 (September 25, 2014). The next week the...more

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