The seal of the U.S. Securities and Exchange Commission is seen at SEC headquarters, June 19, 2015, in Washington. The Supreme Court ruled in favor of a man challenging a Securities and Exchange Commission’s fine, saying the agency’s in-house adjudication process ran afoul of his constitutional rights.
“The SEC’s antifraud provisions replicate common law fraud, and it is well established that common law claims must be heard by a jury,” Chief Justice John G. Roberts Jr. wrote for the majority.The court’s three Democratic appointees dissented, warning that the court would unleash chaos by its ruling. The dissent argued that Congress has “enacted more than 200 statutes authorizing dozens of agencies to impose civil penalties.
The ruling against the SEC could limit or even end federal agencies’ in-house proceedings and require federal judges to rule in administrative cases, according to some court watchers. At least 27 federal agencies have employed administrative law judges, according to the Congressional Research Service.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Law Law Latest News, Law Law Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Supreme Court limits SEC's powers to impose finesThe U.S. Supreme Court declared unconstitutional the way the Securities and Exchange Commission imposes fines for fraudulent conduct and requires that wrongdoers give back their ill-gotten gains.
Source: NPR - 🏆 96. / 63 Read more »
The Supreme Court strips the SEC of a critical enforcement tool in fraud casesThe justices ruled in a 6-3 vote that people accused of fraud by the SEC, which regulates securities markets, have the right to a jury trial in federal court. The in-house proceedings the SEC has used in some civil fraud complaints violate the Constitution, the court said.
Source: FOX10News - 🏆 581. / 51 Read more »
The Supreme Court strips the SEC of a critical enforcement tool in fraud casesThe Supreme Court has stripped the Securities and Exchange Commission of a major tool in fighting securities fraud in a decision that also could have far-reaching effects on other regulatory agencies.
Source: KPRC2 - 🏆 80. / 68 Read more »
In conservative win, Supreme Court limits use of SEC in-house tribunalsSEC v. Jarkesy is one of several Supreme Court cases this term challenging the power of federal agencies, including the Securities and Exchange Commission.
Source: washingtonpost - 🏆 95. / 72 Read more »
Supreme Court strips SEC of key enforcement power to penalize fraudThe Supreme Court ruled 6-3 along ideological lines that defendants facing civil penalties for securities fraud are entitled to a jury trial.
Source: CBSHealth - 🏆 480. / 51 Read more »
Supreme Court curbs SEC powers to enforce securities lawsLawrence Hurley covers the Supreme Court for NBC News.
Source: NBCNewsHealth - 🏆 707. / 51 Read more »