SEC Defends Use of In-House Courts
The Securities and Exchange Commission (SEC) is defending itself against at least seven cases brought by defendants challenging the agency’s growing use of administrative-law judges.
Passage of the Dodd-Frank financial reform law gave the SEC more latitude to rely upon in-house proceedings, which the agency says is a more timely and efficacious way to hear cases.
Critics say the system unconstitutionally denies defendants protections afforded in federal courts and is biased toward the SEC.
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