Posts tagged Court of Appeals.
The first Court of Appeals to rule in the recent round of challenges to the Securities and Exchange Commission's administrative enforcement mechanism has held courts lack authority to consider the matter. The US Seventh Circuit yesterday affirmed the district court's earlier dismissal for lack of subject-matter jurisdiction. The Seventh Circuit held it was "fairly discernible" from statute that Congress intended the internal SEC administrative process (then followed by judicial review) to be the norm, unless a party can demonstrate that her constitutional challenge meets ...
Posted in: SEC
Tags: administrative enforcement mechanism, burr forman, Court of Appeals, dodd-frank, SEC, Securities and Exchange Commission, securities litigation
On June 4, 2014, the United States Court of Appeals for the Second Circuit vacated and remanded a November 28, 2011 order from the United States District Court for the Southern District of New York refusing to approve a consent decree entered into by the Securities and Exchange Commission ("SEC") and Citigroup Global Markets, Inc. ("Citigroup") and setting the case for trial. In doing so, the Second Circuit held that the proper standard for reviewing a consent decree with an enforcement agency requires that a district court: "determine whether the proposed consent decree is fair and ...
Posted in: SEC