The U.S. Court of Appeals for the Second Circuit has dealt famed financier Lynn Tilton a setback in her constitutional challenge to the U.S. Securities and Exchange Commission’s use of in-house administrative courts.
In a 2-1 ruling issued on Wednesday, the Second Circuit affirmed a ruling dismissing Tilton’s case on jurisdictional grounds. The court held that Tilton, founder of private equity firm Patriarch Partners, couldn’t bring her challenge to SEC procedures in federal court, and instead had to go back to the SEC first.
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