DC Circ. Agrees To Rethink SEC Judges' Constitutionality

By Carmen Germaine (February 16, 2017, 3:02 PM EST) -- The D.C. Circuit agreed Thursday to vacate a panel's finding that the U.S. Securities and Exchange Commission's in-house judges don't need presidential appointment and to rehear the case before the entire court, taking another look at an issue that has split circuits.

The D.C. Circuit's Thursday order said that a majority of the appellate court's judges had voted to grant a petition for rehearing filed by investment adviser Raymond J. Lucia, vacating an August opinion that found the SEC's administrative law judges don't violate the appointments clause of the U.S. Constitution because they act as employees who don't issue final decisions...

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