Ex-S&P Exec Wants SEC Case Halted For Constitutional Test

Law360, New York (January 29, 2015, 4:40 PM EST) -- Attorneys for a former Standard & Poor's Rating Services executive on Thursday asked a New York federal judge to temporarily block the U.S. Securities and Exchange Commission from pursuing its in-house fraud case against her while the court considers if the agency's administrative proceeding is constitutional.

During a morning conference before U.S. District Judge Richard M. Berman, a lawyer for Barbara Duka, S&P's former co-manager of commercial mortgage-backed securities, said that the SEC is already going forward with its in-house case, having taken 24 depositions and amassing a terabyte's worth of documents, and that an injunction staying that proceeding is warranted...

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