Analysis

FERC Judges Won't Be Felled By 5th Circ. SEC Ruling

By Keith Goldberg (May 20, 2022, 6:12 PM EDT) -- The Fifth Circuit's blockbuster ruling that the U.S. Securities and Exchange Commission's use of in-house judges is unconstitutional is likely to force some changes to the Federal Energy Regulatory Commission's in-house enforcement process but not entirely uproot it.

A key prong of the Fifth Circuit's ruling Wednesday was its determination that the SEC's use of administrative law judges in securities fraud cases violates the accused's right to a jury trial. At FERC, that ruling is most likely to jeopardize how the agency uses ALJs in gas market manipulation cases.

But in electricity market manipulation cases at FERC, companies already have the option...

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