More Criticism Of SEC's In-House Court System
June 30, 2015
The SEC’s system of in-house administrative judges, operating under trunacated litigation rules, continues to come under fire, and from more than one direction. As New York Times columnist Gretchen Morgenson frames the question, “Given that administrative law judges are employees of the S.E.C., defendants wonder if they can be fair. And is it right for defendants to be investigated, prosecuted and judged by officials of the same agency?” A number of lawsuits are challenging the constitutionality of the SEC’s judge appointments, and there has been some sharp criticism of the system from, among others, U.S. District Court Judge Jed S. Rakoff.
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