The U.S. Court of Appeals for the 10th Circuit has bestowed a holiday gift on all of us administrative law nerds (especially for those who should be grading exams). Today, in Bandimere v. SEC, a divided panel held that the Securities and Exchange Commission’s administrative law judges (ALJs) are unconstitutional. Judge Matheson wrote for the court, joined by Judge Briscoe (who also wrote a concurring opinion). Senior judge McKay dissented. This decision is potentially quite significant and creates a circuit split on the underlying Appointments Clause question.
‘Enforcement 40’ for 2020
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