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Second District Court Upholds SEC Use of Administrative Hearings

Bruce Carton | March 9, 2015

A hot topic on this blog of late has been the SEC's recent focus on bringing cases as administrative proceedings, an in-house type of action in which the agency has enjoyed extraordinary success. A related, and just as hot, topic has been the efforts of numerous respondents in these APs (at least a half-dozen by Alison Frankel's) to promptly file separate lawsuits as plaintiffs in federal court claiming that the SEC's use of these APs against them is unconstitutional.

Prior to last week, only one of these constitutional challenges had been ruled on by the court--a dismissal of the case in favor of the SEC. In that case (...

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