The Supreme Court resolved the question of whether SEC ALJs must be appointed in accord with the Constitution’s Appointments Clause, holding that their retention is subject to the provision. Thus the Court held that Petitioner Raymond J. Lucia is entitled to a new hearing before a different ALJ appointed in accord with the Constitution. Raymond J. Lucia, vs. Securities and Exchange Commission, No. 17-130 (June 21, 2018). The Court’s ruling leaves unresolved, however, more issues that it resolved concerning the constitutionality of ALJs, the appropriate remedies for a violation of the Clause and ultimately the question which sparked the controversy that resulted in the case – venue selection for SEC enforcement actions.
‘Enforcement 40’ for 2020
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