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.
