As I observed here last week, there has been a recent flurry of cases filed by respondents in SEC administrative proceedings claiming that the SEC's use of these "APs" is unconstitutional for various reasons. Indeed, on Friday of last week, one such constitutional challenge was brought by a person who believes that an AP against her (which has not yet even been filed by the agency) is "imminent."

A recently-published analysis by the National Law Journal of the SEC's success rate in its APs reveals why respondents and potential respondents in those cases may be so motivated to have the cases against them filed in federal court instead. The NLJ reports that since the beginning of FY 2014 (i.e., October... To get the full story, subscribe now.