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Securities Fraud Administrative Authority Seventh Amendment

Cranfill Sumner LLP

After Jarkesy, What Is Next for In-House Enforcement Proceedings?

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Much virtual ink has been spilled in the weeks and months since the Supreme Court issued its opinion in Securities and Exchange Commission v. Jarkesy—much attesting to that the decision was the death knell for in-house...more

SEC Compliance Consultants, Inc. (SEC³)

Regulatory Roundup for July 2024

SEC Loses in ALJ Case, DOL’s Latest Fiduciary Rule Put on Hold, and SEC Reconsiders AI and Custody Rule Proposals - Welcome to our July Regulatory Roundup, where we provide a quick look at the latest regulatory developments....more

Stoel Rives - Environmental Law Blog

SEC v. Jarkesy: In-House Adjudicators are Out and the Jury is In

Why do environmental professionals need to know about a recent securities case? Read on for details. In response to the Wall Street Crash of 1929, Congress passed the Securities Act of 1933, the Securities Exchange Act of...more

Steptoe & Johnson PLLC

Two U.S. Supreme Court Decisions Will Affect the Securities Industry

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The Supreme Court of the United States (SCOTUS) recently issued two opinions that are likely to have a longer-term effect on the way securities industry matters are handled. Juries, not the Securities Exchange Commission...more

Lowenstein Sandler LLP

Supreme Court: SEC Cannot Force Defendants in Civil-Penalty, Antifraud Enforcement Actions To Litigate Before the Commission...

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The U.S. Supreme Court recently decided SEC v. Jarkesy. That decision held that individuals subject to U.S. Securities and Exchange Commission (SEC or Commission) enforcement actions in which the SEC seeks civil penalties for...more

Kramer Levin Naftalis & Frankel LLP

Supreme Court Limits SEC’s In-House Adjudicative Powers

On June 27, 2024, in Securities and Exchange Commission v. Jarkesy, the Supreme Court held that the Securities and Exchange Commission’s (SEC or the Commission) administrative process for adjudicating fraud-based enforcement...more

Balch & Bingham LLP

Ripple Effects Of SEC Adjudication Ruling May Be Momentous

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Suppose that your nemesis has a legal beef with you, and you learn that the law allows him to appoint one of his employees to judge the case. Shocked? You should be. Yet federal agency adjudication works the same way. How...more

Foley Hoag LLP - White Collar Law &...

Supreme Court Significantly Limits the SEC’s Enforcement Power by Prohibiting Administrative Proceedings for Securities Fraud

On June 27, 2024, the U.S. Supreme Court issued its decision in Securities and Exchange Commission v. Jarkesy. In a 6-3 decision, the Court ruled that securities fraud claims seeking civil penalties must be decided by a jury...more

Alston & Bird

The Jury Is Out No More: Supreme Court Curbs SEC’s In-House Authority, with Implications for Other Agencies

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The U.S. Supreme Court’s Jarkesy decision dealt a blow to the Securities and Exchange Commission’s (SEC) in-house adjudication system. Our team analyzes the decision and its potential impact on other federal agencies....more

Faegre Drinker Biddle & Reath LLP

Jarkesy Limits Power of the SEC to Rely on In-House Adjudicators When Pursuing Penalties for Fraud

The U.S. Supreme Court limited the power of the Securities and Exchange Commission (SEC) to enforce civil penalties via in-house tribunals in its decision in SEC v. Jarkesy, released on June 27, 2024. In its decision,...more

Patterson Belknap Webb & Tyler LLP

Supreme Court Decision in SEC v. Jarkesy Limits the SEC’s Ability to Seek Civil Penalties

On June 26, 2024, the Supreme Court issued a decision in SEC v. Jarkesy, holding that “[w]hen the SEC seeks civil penalties against a defendant for securities fraud, the Seventh Amendment entitles the defendant to a jury...more

Schwabe, Williamson & Wyatt PC

Civil Penalties Pivot to Federal Courts, Post-Jarkesy

The Supreme Court’s June 27 decision in Securities and Exchange Commission v. Jarkesy marks ‎a pivotal shift in administrative law, potentially limiting administrative adjudication of agency ‎enforcement across the federal...more

Wiley Rein LLP

Supreme Court Holds That Federal Agencies May Seek Punitive Money Penalties Only Before A Jury

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Last week the U.S. Supreme Court held in SEC v. Jarkesy that a defendant in a securities fraud suit has the right to be tried by a jury in an Article III court, rather than before an agency’s own tribunal. The Court’s...more

Womble Bond Dickinson

SEC v. Jarkesy: How Impactful Is It Really on the SEC’s Enforcement Program?

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In SEC v. Jarkesy, the Supreme Court held that the Seventh Amendment requires the U.S. Securities and Exchange Commission (“SEC” or “the Commission”) to litigate in federal district court when seeking civil monetary penalties...more

Davis Wright Tremaine LLP

SEC v. Jarkesy: Supreme Court Delivers Significant Blow to SEC Intra-Agency Enforcement

SCOTUS limits agency use of ALJs in civil penalty proceedings - On June 27, 2024, in a 6-3 decision, the Supreme Court held in SEC v. Jarkesy that the Securities and Exchange Commission ("SEC" or the "Commission") could...more

Baker Donelson

U.S. Supreme Court Declares SEC's Action for Civil Money Penalties Unconstitutional, Upending Administrative Enforcement Powers

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On June 27, 2024, the U.S. Supreme Court affirmed a Fifth Circuit decision that called into question the future of certain in-house administrative enforcement actions, which we reviewed here. Specifically, in Securities and...more

Skadden, Arps, Slate, Meagher & Flom LLP

Supreme Court Holding That SEC Actions Seeking Civil Penalties for Securities Fraud Must Be Heard by a Jury Calls Into Question...

In Securities and Exchange Commission v. Jarkesy, the U.S. Supreme Court held that “the Seventh Amendment entitles a defendant to a jury trial when the [Securities and Exchange Commission] seeks civil penalties against him...more

Venable LLP

Jarkesy: SEC Change-Up - The Supreme Court Curbs the Use of Administrative Courts for Litigated Fraud Claims and Civil Penalties

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In a landmark decision issued last week, SEC v. Jarkesy, the Supreme Court held that the Seventh Amendment guarantees a defendant a jury trial when the SEC seeks civil penalties against the defendant for committing securities...more

K&L Gates LLP

Jarkesy's Impact on Agency Enforcement Proceedings: Potential Implications for the SEC and Beyond

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On 27 June 2024, in a ruling much-anticipated by the securities industry and other similarly regulated industries, the Supreme Court (the Court) held in SEC v. Jarkesy that when the Securities and Exchange Commission (SEC)...more

Cozen O'Connor

U.S. Supreme Court Declares Unconstitutional SEC’s Admin Courts Hearing of Fraud Cases When Seeking Civil Penalties

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On June 27, 2024, the U.S. Supreme Court in SEC v. Jarkesy struck a major blow to the U.S. Securities and Exchange Commission’s enforcement powers by declaring as unconstitutional the SEC’s use of its in-house administrative...more

Arnall Golden Gregory LLP

Healthcare Providers Could Finally Have Their Day in Court: Supreme Court Holds That Defendants Are Entitled to Jury Trials When...

On June 27, 2024, the Supreme Court of the United States released its opinion in SEC v. Jarkesy, a case involving a Securities and Exchange Commission (“SEC”) enforcement action for civil penalties against an investment...more

Miller Canfield

U.S. Supreme Court Curtails Securities and Exchange Commission’s In-House Authority to Penalize Securities Fraud

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On June 28, 2024, the Supreme Court issued a significant decision that could have wide-ranging consequences for administrative agency enforcement actions. In Securities and Exchange Commission v. Jarkesy, the Court held that...more

BakerHostetler

Supreme Court Limits SEC Administrative Actions, Upholds Defendants’ Right to a Jury

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On Thursday, June 27, the Supreme Court, in a 6-3 decision, held that the Seventh Amendment entitles a defendant to a jury trial in instances where the SEC seeks civil penalties against that defendant for alleged securities...more

Wiley Rein LLP

SEC v. Jarkesy: SCOTUS Restores Constitutional Protections to Agency Enforcement Actions

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In a broadside to in-house agency adjudications, the U.S. Supreme Court affirmed the constitutional right to a jury trial for defendants in Securities and Exchange Commission (SEC) enforcement proceedings seeking civil...more

White & Case LLP

Supreme Court rules SEC use of in-house tribunals is unconstitutional in potentially far-reaching decision

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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

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