SDNY'S Rakoff Joins Chorus Criticizing SEC's Admin Forum
Speaking at PLI event November 5, US District Judge Jed Rakoff joined the chorus criticizing the SEC's expanded use of its administrative forum. Rakoff acknowledged the trend's potential unfairness to Respondents, and voiced his concern that the move might stifle "the impartial development of the law in an area of immense practice importance." He also compared the Commission's 100% success rate in administrative cases during FYE September 30, 2014 with its 61% win rate in federal court over the same time. Rakoff's remarks were reported by Law360, and by Reuters, here. We've been following the debate and related cases challenging the SEC's use of it administrative forum, here (Oct. 26). And in a Law360 article, A Renewed Fight Over SEC's Admin Forum Constitutionality (Oct. 9, surveying cases). Thomas K. Potter, III ( is a partner in the Securities Litigation Practice Group at Burr & Forman, LLP. Managing Partner of the Nashville office, Tom is licensed in Tennessee, Texas and Louisiana. He has over 28 years' experience representing financial institutions in litigation, regulatory and compliance matters. © 2014 by Thomas K. Potter, III (all rights reserved)
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