Bloomberg Law
March 17, 2017, 8:48 PM UTC

Adviser Challenges SEC In-House Judges for Second Time

Bloomberg Law - Staff Reports

By Antoinette Gartrell, Bloomberg BNA

The SEC’s administrative law judges are unconstitutionally hired, an investment adviser told the D.C. Circuit March 10 for the second time.

A U.S. Court of Appeals for the District of Columbia Circuit panel initially rejected the argument, but the full circuit agreed to reconsider Raymond J. Lucia’s challenge in February.

A reversal by the D.C. Circuit would dissolve a split with the Tenth Circuit, diminishing the likelihood of the U.S. Supreme Court reviewing the issue in the near future.

The reconsideration also is crucial because many federal agencies rely on similar in-house courts; a contrary ...

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