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August 4, 2015

Federal Judge Gives SEC Seven Days to Reconsider In-House Judges Program

A federal judge’s ruling on Monday intensified pressure on the Securities and Exchange Commission (SEC) to reevaluate its use of in-house administrative judges, issuing a seven-day deadline for the agency to decide whether it will change the way it appoints the judges.

U.S. District Judge Richard Berman rejected an SEC request to dismiss a lawsuit brought by former Standard & Poor’s Ratings Services executive, Barbara Duka, whose cases she says were overseen by judges not appointed to their positions in accordance with the U.S. Constitution.

Ms. Duka also says the in-house court’s fast-track deadlines are unsuitable in complex cases such as her own, where the investigative file includes about 830,000 documents.

Read the full story here.

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