SEC In-House Judge Challenge Process Needs Review, SCOTUS Told

Sept. 4, 2020, 5:08 PM

Federal courts should be able to hear challenges to the legitimacy of the SEC’s in-house judges without defendants having to exhaust agency review, a petitioner told the U.S. Supreme Court.

Former investment adviser Christopher Gibson asked the high court to weigh in on whether he and others facing proceedings before the Securities and Exchange Commission’s in-house tribunal should get to go straight to federal court with any concerns about the constitutionality of the agency’s administrative law judges.

The Supreme Court last considered a challenge to the regulator’s ALJs in 2018. The court in Lucia v. SEC held that in-house agency ...

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