Cadwalader allows sharing content.
Email to a friend or colleague:
From
To
Subject
Email The constitutionality of the SEC’s in-house administrative proceedings is in doubt following the 10th Circuit Court of Appeals’ ruling in Bandimere v. SEC. In Bandimere, a three-judge panel held, by a 2-1 decision, that SEC administrative law judges (“ALJs”) are inferior officers under the Appointments Clause of the Constitution and that they must be appointed in accordance with that clause, rather than hired as employees. The decision directly conflicts with the August 2016 holding of the Court of Appeals for the D.C. Circuit in Raymond J. Lucia Cos. v. SEC. This circuit split sets the stage for a potential Supreme Court review of the SEC’s administrative proceedings. https://www.cadwalader.com/resources/clients-friends-memos/the-tenth-circuit-rules-sec-administrative-judges-are-unconstitutional-setting-up-potential-supreme-court-review