Co-author, Law360, August 15, 2016
The U.S. Securities and Exchange Commission scored a significant victory last week when a three-judge panel of the U.S. Court of Appeals for the D.C. Circuit ruled in Raymond J. Lucia Cos. Inc. and Raymond J. Lucia v. SEC that the appointment of the SEC’s administrative law judges does not violate constitutional requirements. This case was a matter of high stakes for the agency as an adverse ruling could have compromised a large part of the SEC’s enforcement program.
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