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First Circuit Rebuffs SEC in Flannery and Hopkins Case and Vacates SEC Order
The SEC suffered a stunning loss in the First Circuit in a December 8, 2015 decision ruling that the SEC’s findings of securities law violations by two executives in connection with the operation of a...
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Why the SEC’s Proposed Changes to Its Rules of Practice Are Woefully...
This is the fourth and final post discussing the SEC’s proposals for revising the Rules of Practice in its administrative court. These proposals purport to modernize antiquated procedures in that...
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Why the SEC’s Proposed Changes to Its Rules of Practice Are Woefully...
This is the third in a series of posts addressing the SEC’s proposals for revising the Rules of Practice in its administrative court. These proposals purport to modernize antiquated procedures in that...
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Why the SEC’s Proposed Changes to Its Rules of Practice Are Woefully...
Today we present Part II of our discussion on the proposed changes offered by the SEC to the Rules of Practice governing its administrative proceedings. Those proposals can be reviewed here. They...
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Bloomberg View: No Kangaroo Courts at the SEC, Please!
The editors of Bloomberg View published the following important editorial comment on the SEC’s administrative prosecution of alleged securities law violations. A consensus seems to be growing that...
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On “Merger Tax” Cases, Mark Twain, Abe Vigoda, and Other Premature Death Reports
Mark Twain is famously reported as saying “Reports of my death are greatly exaggerated.” Well, in that respect, he may have been like Yogi Berra (RIP), whose autobiography was titled “I Really Didn’t...
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New Developments in Gordon v. Verizon Communications Class Action
There seem to be a good number of people trying to figure out what is going on in the securities class action suit in the New York State Supreme Court Gordon v. Verizon Communications, Inc., Index No....
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Why the SEC’s Proposed Changes to Its Rules of Practice Are Woefully...
On September 24, 2015, the SEC proposed changes to its Rules of Practice governing administrative proceedings, which Chair Mary Jo White said “seek to modernize our rules of practice for administrative...
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SEC Proposes Amended Rules of Practice in Recognition of Unfair Procedures
Today, September 24, 2015, the SEC issued proposed amendments to the Rules of Practice governing SEC administrative proceedings. You can read them here. This comes 15 months after the SEC’s General...
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SEC Hit with Double Whammy Rulings Barring It from Commencing Challenged...
On the afternoon of September 17, 2015, the SEC was rebuffed by two federal courts in separate cases challenging the constitutionality of the SEC’s administrative law enforcement proceedings. As...
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SEC ALJ Jason Patil Stings Enforcement Division with Dismissal in Ruggieri Case
SEC Administrative Law Judge Jason Patil’s September 14, 2105 Initial Decision in In the Matter of Bolan and Ruggieri, File No. 3-16178, represents a milestone is SEC administrative jurisprudence in...
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SEC Declares All Is Okay Because Its ALJs Are Just Employees and Not...
On September 3, 2015, the SEC issued its first ruling addressing the constitutionality of its administrative law judges, in In the Matter of Raymond J. Lucia Cos., Inc., File No. 15006. The opinion...
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Supreme Court Filings in U.S. v. Newman and Chiasson Leave Serious Doubts on...
With all of the publicity, hubbub, and hype surrounding the Second Circuit’s decision in United States v. Newman and Chiasson, a grant of writ of certiorari at the Government’s request is a foregone...
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7th Circuit Rules for SEC, Affirming Dismissal of Bebo Case on Jurisdictional...
On August 24, 2015, the Seventh Circuit handed the SEC a major victory in the ongoing battle over alleged constitutional infirmities of the SEC’s administrative judicial process. It agreed with the...
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Supreme Court Should Take Action To Rehabilitate Brady Rule in Georgiou v....
Justice requires that the Supreme Court shore up the foundations of one of its landmark due process cases, Brady v. Maryland, 373 U.S. 83 (1963). Otherwise, Brady, one of the seminal due process cases...
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What Is the SEC Backup Plan if It Loses the ALJ Constitutionality Issue in...
The saga of challenges to the constitutionality of the SEC’s administrative law proceedings — and in particular the appointments and removal protections of the administrative law judges — has played...
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SEC Inspector General Reveals Investigation into Possible Bias of SEC ALJs
The Inspector General of the SEC issued an Interim Report on August 7, 2015 which indicated that he is in the midst of an inquiry into allegations that SEC administrative law judges may have been...
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N.D. Ga. Judge Leigh May Issues Injunction for Gray Financial and Denies One...
Events are flowing fast and furious on the continuing litigation of the constitutionality of the SEC’s administrative enforcement proceedings. We previously reported that S.D.N.Y. Judge Richard Berman...
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SDNY Court Ups the Ante, Allowing Duka Injunctive Action To Proceed on...
Today, August 3, 2015, Judge Richard Berman rules that Barbara Duka’s action to enjoin an SEC administrative proceeding against her could proceed in his court. In doing so, he endorsed the reasoning...
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Chamber of Commerce Report Details Concerns with SEC Enforcement and Proposed...
On July 15, 2016, the U.S. Chamber of Commerce released a lengthy and detailed report discussing a range of shortcomings in the SEC’s law enforcement investigative and adjudicative processes. Little...
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