SEC Administrative Court Has A Constitutionality Problem

By Stephanie Russell-Kraft (August 12, 2015, 7:42 PM EDT) -- The U.S. Securities and Exchange Commission has faced several setbacks already in the battle over its administrative court, but it suffered what could become a fatal blow Wednesday when a New York federal judge called the controversial forum "likely unconstitutional."

A New York federal judge on Wednesday blocked an SEC in-house case against a former Standard & Poor's Ratings Services executive, saying the agency's process for appointing judges is "likely unconstitutional." (Credit: SEC) By issuing a preliminary injunction in the agency's case against former Standard & Poor's Ratings Services executive Barbara Duka, U.S. District Judge Richard M. Berman emboldened a growing...

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