Defendants in SEC securities fraud cases are entitled to have claims for civil money penalties decided by a jury rather than in an administrative proceeding, the Supreme Court ruled. Our team explores the implications. Leslie Meredith | Amanda Raines Lawrence | Ignacio Sandoval | Amy Walsh #SCOTUS #SEC #Jarkesy #administrativelaw #supremecourt #securitiesfraud https://lnkd.in/euKRB7SV
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Amid a flurry of landmark rulings, last week the Supreme Court held that the Seventh Amendment entitles defendants to a jury trial when the SEC charges securities fraud and seeks civil penalties. As a result, such claims must be brought in a federal court, rather than in an administrative proceeding. This decision, along with other rulings, raises significant questions about how the SEC's use of administrative proceedings fits within its enforcement program going forward and its approach to enforcement remedies more broadly. Check out our Advisory for a summary of the opinion and our in-depth analysis of its impact on the SEC and the Division of Enforcement. #SEC #securitieslaw #capitalmarkets #enforcement #regulatory #SCOTUS #administrativelaw
In “Seismic Shift,” Supreme Court Strips SEC of Ability To Seek Civil Penalties for Securities Fraud in Administrative Proceedings | Advisories | Arnold & Porter
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On June 27, 2024, the U.S. Supreme Court issued a 6–3 decision, ruling that the Seventh Amendment entitles securities fraud defendants to a jury trial rather than adjudication by an administrative law judge where the SEC seeks to impose civil penalties. My Foley colleagues have published this brief analysis of the Court’s decision, recognizing the erosion to the SEC’s authority to bring administrative actions. #SCOTUS #securitiesfraud #seventhamendment #SEC #administrativecourts
U.S. Supreme Court Rules SEC Must Try Securities Fraud Cases in Federal Jury Trials Rather than In-House Courts | Foley & Lardner LLP
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Last month, Eric Rieder and I wrote about the U.S. Supreme Court's consideration of whether "pure omissions" of statements required under Item 303 of SEC Regulation S-K could constitute securities fraud under Section 10(b). Now, the Court has issued its decision, so take a look at how they ruled and our thoughts on the opinion. #SCOTUS #securitieslaw Chris LaRocco Eric Rieder John Bielema
The Supreme Court Rejects “Pure Omissions” Liability under Section 10(b)
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(FA Magazine) The U.S. Supreme Court curbed the Securities and Exchange Commission’s ability to press complaints before in-house judges, saying defendants have a constitutional right to make their case to a federal jury when the agency is seeking financial penalties. 🔹 The 6-3 decision could reduce the commission’s leverage to extract high-dollar settlements. It deals a blow to an administrative system the SEC once used to adjudicate more than 100 cases a year before scaling back amid legal challenges. 🔹 Note: We got asked about this one… The SEC is still able to rule, just that there now could be a jury in certain cases so they cannot decide alone. Yes - regulatory compliance is still important. This is simply a checks and balances move. #SEC #Buckler #regulations #regulatorycompliance #jury #supremecourt #SECcases #rule #fines #financialpenalties #checksandbalances https://lnkd.in/epuf3HNx
Supreme Court Curbs SEC's In-House Judges In Fraud Cases
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Happy July 4th! The Supreme Court recently concluded that the SEC violated a defendant's constitutional right to a jury by using the agency's administrative courts to hear securities fraud civil penalty claims. I and my colleagues Whitney Cloud, Jason S. Lewis, Andrea Guzman and Alex Rivero discuss the details of this groundbreaking case and its broad impact on regulatory enforcement in this article. #SEC #SECenforcement #Regulation #enforcement #fraud #securities #SCOTUS #administrative
SEC v. Jarkesy: Supreme Court eliminates a significant agency enforcement tool – broad implications, key takeaways | DLA Piper
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Partners Todd G. Cosenza and Charles Cording, and associates Amanda M. Payne and Madeleine Tayer wrote an article published by Law360 titled: Pending 6th Circ. Ruling Has Broad Class Action Implications. The article focuses on a forthcoming Sixth Circuit decision that will have implications for defendants in securities fraud class actions. Read the full article below. #securitieslitigation #classaction
Pending 6th Circ. Ruling Has Broad Class Action Implications
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In SEC v. Jarkesy, the #SupremeCourt has ruled that the Securities and Exchange Commission cannot use its administrative courts to decide #SecuritiesFraud claims seeking civil penalties. Read about the broad implications in our alert. #SEC #Jarkesy #AgencyEnforcement
SEC v. Jarkesy: Supreme Court eliminates a significant agency enforcement tool – broad implications, key takeaways
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In SEC v. Jarkesy, the #SupremeCourt has ruled that the Securities and Exchange Commission cannot use its administrative courts to decide #SecuritiesFraud claims seeking civil penalties. Read about the broad implications in our alert. #SEC #Jarkesy #AgencyEnforcement
SEC v. Jarkesy: Supreme Court eliminates a significant agency enforcement tool – broad implications, key takeaways
dlapiper.com
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In SEC v. Jarkesy, the #SupremeCourt has ruled that the Securities and Exchange Commission cannot use its administrative courts to decide #SecuritiesFraud claims seeking civil penalties. Read about the broad implications in our alert. #SEC #Jarkesy #AgencyEnforcement
SEC v. Jarkesy: Supreme Court eliminates a significant agency enforcement tool – broad implications, key takeaways
dlapiper.com
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The New York LLC Transparency Act aims to lift the cloak currently concealing the identities of certain company owners in New York. If signed into law by the Governor, this Act intends to utilize transparency to counteract fraud, money laundering, the funding of domestic terrorism, and more. In their latest article for the website, RPJ's Helen D. (Heidi) Reavis and Michael D. Utevsky explore who will be impacted by the LLC Transparency Act and how it will change the legal practices surrounding LLCs in New York. Read more here: https://bit.ly/467KSX6
What's in a Name? New York Legislature Passes LLC Transparency Act – LLCs and Their Individual Beneficial Owners Must...
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