The U.S. Securities and Exchange Commission on Monday urged the Supreme Court to uphold the constitutionality of federal agencies’ use of administrative courts in enforcement actions seeking civil penalties.
In papers filed with the justices, a dozen U.S. government lawyers—including U.S. Solicitor General Elizabeth Prelogar and SEC General Counsel Megan Barbero—objected to a lower court ruling in favor of a hedge fund manager who successfully challenged the administrative proceeding that led to a fine for having violated securities laws in his dealings with investors.
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