WASHINGTON — The Supreme Court on Thursday put new limits on the power of the Securities and Exchange Commission to enforce securities laws — the latest ruling in a series of cases that take aim at federal agencies. The court ruled 6-3 that adjudication of cases by in-house judges violates the right to trial by jury. The case is one of several on the docket involving conservative and business-led attacks on the power of federal agencies.
Those subject to the in-house adjudication have complained, saying the process violates their rights and it gives the SEC too much power by essentially creating a home-court advantage. Hedge fund manager George Jarkesy brought the legal challenge after he faced SEC claims that he violated securities laws by making misstatements and omitting relevant information in communications with investors while he was overseeing two hedge funds.
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