And what about the remaining in-house cases that were forced to reboot after the Supreme Court’s Lucia decision? Most are at least six years old by now. Nearly all were fully relitigated and briefed on appeal to the SEC commissioners well over a year ago—some of them two or three years ago. But the last time the commissioners decided any of them was more than two years ago.
Since then, the SEC has obstinately refused to decide any of these cases, thereby indefinitely blocking litigants from appealing to real courts. Call it the SEC’s version of the Hotel California: The accused can check out but never leave.
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