( August 14, 2025, 9:07 AM EDT) -- HONOLULU — A panel of the Ninth Circuit U.S. Court of Appeals denied a petition of the New Civil Liberties Alliance (NCLA) and individuals who had entered into settlements with the Securities and Exchange Commission to review the SEC’s denial of the NCLA’s request to amend an SEC rule requiring defendants to agree to not publicly deny allegations against them before entering into a settlement with the SEC because the requirement violates the First Amendment; the panel found the rule is not unconstitutional, citing longstanding precedent that allows the voluntary waiver of constitutional rights....