![]() ![]() It reasoned that the action against the petitioners resembled a traditional common law claim - such as a civil action for fraud - and was not uniquely suited for adjudication within an agency. The Fifth Circuit’s conclusions may significantly constrain the SEC’s - and perhaps other agencies’ - future ability to litigate certain enforcement actions before administrative tribunals.įirst, the Fifth Circuit ruled that the SEC’s adjudication procedure violated Seventh Amendment rights to jury trial. ![]() The case arose from the SEC’s enforcement action brought against the manager of two hedge funds and the funds’ unregistered investment adviser (the petitioners) before the agency’s in-house administrative law judge. Court of Appeals for the Fifth Circuit identified three independent constitutional flaws in the administrative adjudication system of the Securities and Exchange Commission (SEC). #Fifth circuit court of appeals series
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