SEC Slapped With New Challenge To In-House Court
Law360, New York (July 15, 2015, 2:45 PM EDT) -- The U.S. Securities and Exchange Commission was hit Tuesday with a fresh challenge to the constitutionality of its administrative law court — this time by a British Virgin Islands company that will have its claim heard by the same federal judge who froze another in-house SEC proceeding.
In a complaint filed in U.S. district court in Atlanta, microcap investor Ironridge Global IV Ltd. and its parent company Ironridge Global Partners LLC said they are seeking an order enjoining the SEC from continuing its administrative proceeding against them on the grounds that the in-house court is unconstitutional.
Specifically, in claims that are...
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