On June 27, 2024, the Supreme Court ruled in SEC v. Jarkesy that when the Securities and Exchange Commission (SEC) seeks civil penalties from defendants for securities fraud, the Seventh Amendment requires it to bring the...more
The U.S. Supreme Court issued two blockbuster decisions last week, both of which likely will curtail the ability of federal agencies, including the NLRB, to prosecute cases and expand the law. In a 6-3 decision announced...more
In a 6-3 decision, the US Supreme Court on June 27, 2024, in Securities and Exchange Commission v. Jarkesy held that the Seventh Amendment of the US Constitution entitles a defendant to a jury trial when the US Securities and...more
On June 27, 2024, the Supreme Court decided in SEC v. Jarkesy that where the Securities and Exchange Commission (“SEC”) brings enforcement actions for civil penalties, it must do so in the federal courts, as opposed to before...more
On June 27, 2024, the Supreme Court of the United States held that defendants in securities fraud cases brought by the U.S. Securities and Exchange Commission (SEC) are entitled to a jury trial under the Seventh Amendment—a...more
It’s not just the New York Yankees that wish they could put the summer behind them. We previously wrote about the shocking blow the D.C. Circuit Court of Appeals dealt FINRA in early July by enjoining the self-regulatory...more
On April 14, 2023, the Supreme Court of the United States opened the door for new challenges to the federal administrative state. In a unanimous decision in a pair of consolidated cases, Axon Enterprise, Inc. v. Federal Trade...more
In Axon Enterprise, Inc. v. FTC and SEC v. Cochran, the respondents in administrative agency enforcement actions brought suit in federal district court, challenging the constitutionality of each respective agency’s attempt to...more
Key Points - In a unanimous decision, the Supreme Court held in Axon v. FTC that the FTC Act (and the SEC Act) do not prohibit a federal court from hearing challenges to the constitutionality of either Commission’s...more
Consistent with federal courts’ recent pattern of limiting the reach of administrative agencies, the Supreme Court held on April 14, 2023, that a challenge to the constitutional authority of an administrative law judge...more
The U.S. Supreme Court on April 14, 2023, issued a unanimous opinion holding that federal district courts can consider constitutional challenges to administrative proceedings before such agencies issue final rulings. In Axon...more
A groundbreaking decision released by the Fifth Circuit on May 18 signals a changing landscape for federal administrative law and the separation of powers. In Jarkesy v. Securities and Exchange Commission, 34 F.4th 446 (5th...more
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
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
In This Issue. The U.S. Supreme Court struck down the single director leadership structure of the Consumer Financial Protection Bureau (CFPB) in a ruling that could have far-reaching implications for the CFPB and other...more
Despite political and economic uncertainties, markets and deal activity were resilient in 2019, and strong fundamentals remain in place heading into 2020. Companies continue to face a challenging litigation and enforcement...more
Welcome to the future! On Wednesday, the House Republicans (with five Democratic votes) passed H.R. 5, the Regulatory Accountability Act of 2017, a bill that would change the way federal agencies issue regulations and...more
Regulatory Developments - SEC Proposes Amendments to Update and Simplify Disclosure Requirements as Part of Overall Disclosure Effectiveness Review - On July 13, the Securities and Exchange Commission (SEC) proposed...more
The U.S. Court of Appeals for the District of Columbia Circuit held today that federal District Courts do not have subject-matter jurisdiction to entertain challenges to ongoing SEC administrative enforcement proceedings. A...more
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