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Ceresney Rebuts Rakoff's Critique Of SEC Admin. Actions

Law360, New York (November 7, 2014, 3:30 PM EST) -- The U.S. Securities and Exchange Commission's enforcement director fired back Friday at U.S. District Court Judge Jed S. Rakoff's criticism of the agency's expansive use of its in-house court to bring enforcement actions, saying the administrative proceedings are fair and do not violate due process rights.

During a panel session at a Practicing Law Institute event, Andrew Ceresney addressed head-on the comments the judge made during Wednesday’s kickoff session, in which he said that by sidestepping federal courts the agency could end up stunting the development of the law. Judge Rakoff, a frequent critic of the SEC’s legal process, also chastised...

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