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The U.S. Supreme Court’s June 21, 2018 decision in Lucia v. Securities & Exchange Commission held that SEC’s administrative law judges were not properly appointed under the U.S. Constitution. The Lucia decision resolved a split between the D.C. Circuit and the Tenth Circuit, and settled an issue that had divided lower federal courts over the last few years. The Supreme Court’s decision, however, left many questions unanswered. For example, in light of the Supreme Court’s decision that the SEC’s administrative law judges were improperly appointed, what rights, if any, do respondents in past SEC administrative enforcement actions have to challenge the findings of those SEC administrative law judges? Likewise, what rights do respondents in pending SEC administrative enforcement actions have to challenge past decisions by the SEC’s administrative law judges?
In this Briefing, you will hear from two securities litigation experts, Theodore J. Sawicki and Timothy J. Fitzmaurice of Alston & Bird LLP, who will discuss the Lucia decision and its ramifications. Specific issues to be addressed include:
- How will the SEC respond to the Lucia decision?
- The impact of Lucia on pending (and past) SEC administrative enforcement actions
- What other federal administrative law judges could be impacted by Lucia?