Raymond J. Lucia, et al., Petitioners v. Securities and Exchange Commission

  1. September 29, 2023

    'Administrative State' Attacks Soar To High Court Crescendo

    After methodically amassing U.S. Supreme Court victories against agency enforcers and regulators, a legal crusade against "administrative state" powers is poised to parlay piecemeal wins into a climactic conquest during the high court's new term, which is already teeming with anti-agency cases.

  2. December 13, 2018

    The Biggest Securities Decisions Of 2018

    From district courts to the highest court, judges decided major issues in 2018 affecting the U.S. Securities and Exchange Commission's enforcement process, the protections afforded to whistleblowers and the ability of investors and corporate defendants to pursue and defend themselves against securities claims.

  3. June 22, 2018

    High Court's Lucia Ruling Opens ALJs To Political Influence

    The U.S. Supreme Court's finding that U.S. Securities and Exchange Commission administrative law judges need to be appointed by the president or the head of the agency potentially leaves the judges open to heightened political influence, legal experts said Friday.

  4. June 21, 2018

    Narrow High Court Ruling In Lucia Raises Questions For SEC

    The U.S. Supreme Court's "narrow" ruling that U.S. Securities and Exchange Commission administrative law judges are inferior officers subject to the appointments clause of the Constitution leaves open the question of how the SEC — and other federal agencies that use ALJs — will resolve cases handled by improperly appointed judges, legal experts said Thursday.

  5. June 21, 2018

    Supreme Court Says SEC In-House Judges Must Be Appointed

    The U.S. Supreme Court on Thursday held that U.S. Securities and Exchange Commission administrative law judges are "inferior officers" subject to the appointments clause of the Constitution, a decision that could have broad ramifications for an array of federal agencies that employ in-house judges.

  6. April 23, 2018

    High Court Split On Accountability Issue In Lucia Arguments

    The U.S. Supreme Court on Monday appeared divided on whether U.S. Securities and Exchange Commission administrative law judges are "inferior officers" subject to the appointments clause of the Constitution, and whether a ruling that they are would render them more accountable for their decisions or less politically independent.

  7. March 06, 2018

    Profs Dispute Evidence Of Bias By SEC In-House Judges

    An amicus brief filed by a pair of professors in a U.S. Supreme Court case that will decide whether SEC administrative law judges are constitutional says there is no hard evidence that the judges are biased toward rulings that favor the agency, but other legal experts say the question of bias is beside the point.

  8. February 23, 2018

    High Court Fight Over SEC In-House Judges Heats Up

    A high-profile challenge to the U.S. Securities and Exchange Commission's in-house court intensified in recent days as government lawyers urged the U.S. Supreme Court to give the agency's chair the power to remove administrative law judges, while a money manager whose case is now before the justices has asked them to come down hard against the regulator over what he calls its use of an unconstitutional tribunal.