By proceeding administratively, the SEC successfully avoided appearing in the courtroom of United States District Judge Jed S. Rakoff, who last year sharply criticized the SEC for its handling of a settlement with Bank of America.
Gupta has now put the SEC in exactly the forum it sought to avoid – Judge Rakoff’s courtroom – and has teed up the issue of the retroactive applicability of Section 929P of Dodd-Frank in an appealing package.
Retroactive Application of Dodd-Frank in SEC Enforcement Proceedings, Baker & McKenzie
