SEC, Finra Sidestep Broker Challenge as Judge Defers to 4th Cir.

A securities broker who sued the SEC and an industry self-regulatory group challenging the constitutionality of administrative and private adjudication will have to keep pursuing his claims before a US appeals panel after a federal district court ruled it now lacks jurisdiction to review his case.

“The Court cannot now provide judicial review that is any more meaningful than that provided by the Fourth Circuit,” Judge Matthew E. Orso in the US District Court for the Western District of North Carolina said in a ruling Tuesday, marking the latest twist in one of several cases opposing the authority of the ...