The SEC has brought hundreds of enforcement actions before administrative law judges in the past several years, since the Dodd-Frank financial reform act gave the agency leeway to choose administrative proceedings, in which the SEC sets the rules of evidence, over suits in federal court, where defendants have more robust due process rights. So assuming that the Supreme Court ends up agreeing with both Lucia and the Justice Department that the presiding ALJs were unconstitutionally appointed, what happens to defendants found liable in administrative proceedings?
‘Enforcement 40’ for 2020
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