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Adviser Who Won SCOTUS Fight Over SEC Judges Will Settle Case

March 6, 2020, 10:14 PM

An investment adviser who successfully argued at the U.S. Supreme Court that the SEC’s in-house judge appointment process was unconstitutional has reached an agreement in principle to settle with the agency, according to a Friday order.

Raymond J. Lucia’s case has been proceeding before a different, properly appointed Securities and Exchange Commission administrative law judge. He and the agency’s enforcement staff asked for a stay while they finished settlement discussions, and ALJ Carol Fox Foelak granted their request.

Details about the agreement in principle to settle weren’t available.

The SEC first brought an in-house action against Lucia in 2012 when ...