In SEC v. Jarkesy, the Supreme Court held that the Seventh Amendment entitles a defendant to a jury trial when the SEC seeks civil penalties for securities fraud.
The decision limits the SEC’s authority to seek civil...more
Yesterday, the United States Court of Appeals for the Fifth Circuit vacated the SEC’s Private Fund Adviser Rule in its entirety. Dechert LLP represented the Chamber of Commerce of the United States of America in filing an...more
U.S. Supreme Court resolves circuit split created by Ninth Circuit decision which had held that traceability not required in the context of a direct listing.
By requiring traceability, the Supreme Court cabins strict...more
A divided panel of the U.S. Court of Appeals for the Second Circuit held, on December 27, 2022, in United States v. Blaszczak (“Blaszczak II”) that an agency’s confidential, pre-decisional information did not count as...more
1/18/2023
/ Appeals ,
Centers for Medicare & Medicaid Services (CMS) ,
Confidential Information ,
Fraud ,
Hedge Funds ,
Insider Trading ,
Kelly v United States ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Wire Fraud
The United States Court of Appeals for the Fifth Circuit issued a major decision on May 18, 2022 holding Securities and Exchange Commission (SEC or Commission) administrative adjudications unconstitutional on multiple...more
5/31/2022
/ Adjudicatory Process ,
Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Article II ,
Constitutional Challenges ,
Enforcement Actions ,
Right to a Jury ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Violations ,
Seventh Amendment
The U.S. Supreme Court recently held, in Lucia v. SEC,1 that Administrative Law Judges (ALJs) for the U.S. Securities and Exchange Commission (SEC or Commission) are officers of the United States who must be appointed...more
6/28/2018
/ 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)