Cozen O'Connor’s Post

Explainer-What is the US SEC's in-house court under Supreme Court review?   The U.S. Supreme Court is due to rule in coming days on whether to curtail the Securities and Exchange Commission's use of in-house judges to adjudicate enforcement actions, with potentially big implications for other agencies.   The court last year decided to take up the Biden administration's appeal of a lower court's ruling that deemed the SEC's in-house tribunal proceedings unconstitutional.   https://lnkd.in/e-QweZXP   #CroneLawGroup #InternationalLawFirm #SecuritiesLaw #CorporateFinance #LegalExpertise #CapitalMarkets #MergersAndAcquisitions The Crone Law Group, P.C.

In a significant 6-3 decision, the Supreme Court ruled that the SEC must use the regular federal court system, not internal administrative proceedings, in antifraud suits seeking civil damages against investment advisers. This case leaves important questions open. What about proceedings that do not involve fraud? What about proceedings where the SEC is not seeking civil penalties? Our recent article delves into these open questions and provides our insights ➡️ https://bit.ly/4cfsr4Z #corporatelawyers #businessattorney

Check out this latest article from Financial Times reporting that the racketeering lawsuit against the former top US bankruptcy judge has been dismissed. It's an important development in the legal world. #LegalNews #FinancialTimes #RacketeeringLawsuitDismissed https://ift.tt/IX4xqTp

On June 27, 2023, in SEC vs. Jaresky, the U.S. Supreme Court held that a jury trial is required under the Seventh Amendment in securities fraud cases brought by the SEC. If the SEC seeks civil penalties, like monetary fines, then it lacks the authority to initiate administrative proceedings. Instead, it must file a lawsuit in federal court, where it would argue for such penalties before a jury. Click the link below to read the full report. https://hubs.li/Q02HskrP0

📢 Breaking News! The racketeering lawsuit against a former top US bankruptcy judge has been dismissed, as reported by the Financial Times. This development is significant for the legal community and highlights the complexities of such cases. Stay informed and join the conversation. #LegalNews #FinancialTimes #JudicialDismissal https://ift.tt/IX4xqTp

Hot off the press: DE Supreme Court issues long-awaited Match.com decision clarifying reach of MFW framework in controlling conflicted shareholder transactions. Check out our overview of the opinion linked here.

In SEC v. Jarkesy, the U.S. Supreme Court (Court) is poised to determine the constitutionality of the SEC’s practice of enforcing the securities laws through administrative proceedings. How the Court will answer that question is unclear, but whatever the Court decides will have far-reaching implications. Beyond the obvious repercussions for SEC proceedings and the administrative state generally, the case also offers the Court a chance to weigh in on another significant question: What are the contours of common law fraud? This guest article by MoloLamken LLP attorneys Eric Nitz and Kenneth Notter III discusses the proceedings before the Court, how the Court appears likely to rule and the implications the Court’s decision may have on SEC enforcement efforts – and fraud actions generally – against private fund managers. #HFLR #ALJs https://lnkd.in/eAfxcWd2

Recent Delaware Chancery decision provides helpful primer on the fiduciary duty of disclosure in the context of a proxy statement. I provide brief highlights at the below link.

"In a 6-3 decision, the US Supreme Court on June 27, 2024, in Securities and Exchange Commission v. Jarkesy held that the Seventh Amendment of the US Constitution entitles a defendant to a jury trial when the US Securities and Exchange Commission (SEC or Commission) seeks civil penalties for securities fraud, and thus that the SEC may not seek such penalties through its own “in-house” administrative enforcement proceedings, which lack juries. Instead, the SEC may pursue such penalties only in federal court." https://lnkd.in/gpFmgSqQ #sec #enforcement #securitieslaw ##brokerdealers #municipaladvisors #fundingportals

As highlighted in our prior Advisory, the Supreme Court's holding in Jarkesy stripped the SEC of its ability to seek civil penalties for securities fraud in administrative proceedings. Please join us for a webinar on Tuesday, July 23 at noon ET, where members of our Securities Enforcement & Litigation practice will discuss the implications for the SEC’s enforcement program and for other civil penalty statutory regimes likely to face challenges. Register now! #SCOTUS #SEC #capitalmarkets #LegalUpdate #webinar #securitieslaw #administrativelaw #enforcement #regulatory