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D.C. Circuit Hears Oral Arguments
In Challenge to SEC Administrative Forum

April 14, 2015, 4:00 AM

A D.C. Circuit panel said during April 13 oral arguments that there is case law on both sides of a key procedural issue in a lawsuit challenging whether the Securities and Exchange Commission’s administrative proceedings are constitutional (Jarkesy v. SEC, D.C. Cir., 14-5196, oral argument 4/13/15).

Judge Brett Kavanaugh said “there’s not a clear line” in the existing cases as to whether a federal district court had subject matter jurisdiction to rule on the merits of Texas hedge fund manager George Jarkesy’s lawsuit that the forum violates the constitution.

Jarkesy sued the SEC in federal court after ...