In a new amicus brief to the Supreme Court, Musk, Dallas Mavericks owner Mark Cuban and others who have wrestled with the securities regulator over the years have come to the aid of a hedge fund manager challenging SEC administrative proceedings in a case before the justices.
“Each of the individual amici is a sophisticated businessperson and investor who has publicly litigated against the United States Securities and Exchange Commission,” stated the brief filed by lawyers at Paul Hastings and Quinn Emanuel Urquhart & Sullivan LLP. According to the brief, Musk is represented by the Quinn Emanuel team.
In SEC v. Jarkesy, the SEC is fighting to save its in-house enforcement system against a constitutional challenge from respondents George Jarkesy and Patriot28, a hedge fund manager and investment adviser barred from the industry and slapped with a $300,000 penalty after an administrative law judge found they broke multiple securities laws.
‘Enforcement 40’ for 2020
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