Posts tagged Judge Jed Rakoff.
The SEC confirmed Friday that it may choose to be prosecutor, judge and jury in novel cases where it thinks it knows best and can urge Chevron deference when others seek judicial review.
The Commission dressed up the language a bit, of course:
If a contested matter is likely to raise unsettled and complex legal issues under the federal securities laws, or interpretation of the Commission's rules, consideration should be given to whether, in light of the Commission's expertise concerning those matters, obtaining a Commission decision on such issues, subject to appellate review in the ...
Posted in: SEC
Tags: administrative forum, Chevron, Commissioner Piwowar, Judge Jed Rakoff, judicial review, Looking Glass, SEC, Securities and Exchange Commission, securities litigation, US District Judge Jed Rakoff
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 ...
Posted in: SEC