On Dec. 13, 2021, an en banc panel of the Fifth Circuit held that the Securities Exchange Act of 1934 (Exchange Act) does not preclude federal district courts from exercising subject matter jurisdiction over constitutional...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
11/11/2020
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Audits ,
Constitutional Challenges ,
Corporate Counsel ,
En Banc Review ,
Lucia v SEC ,
PCAOB ,
Removal For-Cause ,
Securities and Exchange Commission (SEC) ,
Separation of Powers
On June 21, 2018, the Supreme Court in Raymond J. Lucia, et al. v. SEC, held that the SEC’s administrative law judges are “Officers of the United States” whose appointment must comport with the requirements of the...more
6/29/2018
/ Administrative Agencies ,
Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Appeals ,
Appointments Clause ,
Constitutional Challenges ,
Enforcement Actions ,
Final Written Decisions ,
Lucia v SEC ,
Officers of the United States ,
Remand ,
Reversal ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Special Trial Judges (STJs)
On December 27, 2016, in Bandimere v. SEC, the Tenth Circuit held that SEC administrative law judges (ALJs), who preside over the agency’s civil administrative proceedings, are “inferior officers” within the meaning of the...more