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US SEC petition for re-hearing of in-house courts challenge denied by appeals court

( October 24, 2022, 19:06 GMT | Official Statement) -- MLex Summary: The full US Court of Appeals for the Fifth Circuit denied 10-6 the US Securities and Exchange Commission’s request for a rehearing of a panel’s finding that the SEC’s use of in-house courts to bring securities fraud cases is unconstitutional. The panel’s original finding said that the hedge fund manager charged by the SEC was deprived of the right to a jury trial; that Congress unconstitutionally delegated legislative power to the SEC; and that statutory removal restrictions for SEC administrative law judges violated the Constitution. The rehearing dissent said that the original decision “deviated from over 80 years of settled precedent.”See document below. ...

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