U.S. Supreme Court,
Securities,
Administrative/Regulatory
Jul. 25, 2018
Ruling leaves open questions about SEC’s in-house adjudications
The Supreme Court's holding in Lucia does not touch the still larger, also persistent questions of fundamental fairness -- the SEC's re-appointment of their same, handpicked ALJs has not, practically speaking, changed anything.
Jonathan A. Shapiro
Partner
Baker Botts LLP
Phone: (415) 733-6202
Email: JShapiro@goodwinlaw.com
Jonathan is Litigation Department chair for the firm's Palo Alto and San Francisco offices. He defends securities and business litigation, and government enforcement actions.
OCTOBER 2017 TERM
In its much-anticipated decision in Lucia v. Securities and Exchange Commission, 138 S. Ct. 2044 (June 21, 2018), the U.S. Supreme Court ruled that the U.S. Securities and Exchange Commission has for years been cutting constitutional corners when naming the administrative law judges. Those ALJs preside over the enforcement cases that the SEC brings as administrative proceedings, an in-house court t...
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