Now three of Rakoff’s colleagues in the Southern District of New York—U.S. District Judges Katherine Forrest, Lewis Kaplan and William Pauley III—have the chance to reject or expand on Rakoff’s reasoning. Since March a string of defendants has taken aim at the SEC’s administrative proceedings in federal court, echoing Gupta’s challenge and attacking the constitutionality of the SEC’s stable of lifetime-appointed administrative law judges.
‘Enforcement 40’ for 2020
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