While the number of defendants claiming that the U.S. Securities and Exchange Commission’s in-house enforcement proceedings are unconstitutional has expanded over the past two years, their arguments have mostly fallen flat in the courts. But in June, Kilpatrick Townsend & Stockton got a constitutional challenge to stick in Georgia federal court—and now the firm is aiming for a repeat.
On Tuesday, lawyers at the firm sued the SEC again, this time on behalf of Ironridge Global IV Ltd., a microcap investment fund based in the British Virgin Islands, and its parent company Ironridge Global Partners LLC. The lawsuit, filed in U.S. district court in Atlanta, seeks to block the agency from moving forward with an administrative case accusing Ironridge of operating as an unregistered broker-dealer.
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