… In a recent opinion, U.S. District Judge Jed S. Rakoff mused: “[T]he Court of Appeals invites the SEC to avoid even the extremely modest review it leaves to the district court by proceeding on a solely administrative basis … . One might wonder: from where does the constitutional warrant for such unchecked and unbalanced administrative power derive?”1 As the SEC continues to file more complex cases in its administrative forum, Rakoff’s words seem prescient of the legal and public policy battles to come.
‘Enforcement 40’ for 2020
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