- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-06-28T14:57:00
The Supreme Court of the United States (SCOTUS) ruled that the Securities and Exchange Commission’s (SEC) practice of using in-house tribunals overseen by an administrative judge to adjudicate securities fraud cases is unconstitutional.
In a 6-3 decision, issued Thursday, SCOTUS ordered the SEC to file complaints involving securities fraud in federal court. The ruling effectively strips away an alternative venue considered to be a home-court advantage by critics of the agency.
The court’s majority, led by Chief Justice John Roberts, wrote, “A defendant facing a fraud suit has the right to be tried by a jury of his peers before a neutral adjudicator.”
The minority opinion, written by Justice Sonia Sotomayor, argued the court was reversing longstanding precedent, cutting back on the authority of administrative agencies.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership limited time offer
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Annual Membership $499
Full price one year membership.
The U.S. Supreme Court extended the statute of limitations for businesses attempting to challenge some federal regulations, allowing regulated entities a longer timeline to appeal a decision.
Rio Tinto consented to pay a $28 million fine to resolve charges levied by the Securities and Exchange Commission alleging the mining company and its executives committed fraud by inflating the value of coal assets.
Texas-based cybersecurity company Intrusion was charged with fraud by the Securities and Exchange Commission regarding alleged materially false and misleading statements made by its former chief executive.
The Criminal Division of the Department of Justice plans to heighten its focus on cybercrime, according to division head Nicole Argentieri.
Steel and an artificial sweetener made by two Chinese companies using forced labor have been banned from entering the U.S. under the Uyghur Forced Labor Prevention Act.
A federal court in Florida has lashed out at federal whistleblower programs by dismissing a mundane False Claims Act case against a medical practice on the grounds that the qui tam provisions of the FCA are unconstitutional.
