Securities Litigation

The first Court of Appeals to rule in the recent round of challenges to the Securities and Exchange Commission's administrative enforcement mechanism has held courts lack authority to consider the matter. The US Seventh Circuit yesterday affirmed the district court's earlier dismissal for lack of subject-matter jurisdiction. The Seventh Circuit held it was "fairly discernible" from statute that Congress intended the internal SEC administrative process (then followed by judicial review) to be the norm, unless a party can demonstrate that her constitutional challenge meets ...