Eleventh Circuit Halts Parallel Federal Litigation Against the SEC’s In-House Judges

27 June 2016
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Key takeaways

  • Earlier this month, the Eleventh Circuit ruled in Hill v. Securities & Exchange Commission that respondents in administrative proceedings by the SEC cannot turn to federal courts to mount constitutional challenges to the SEC’s authority until the administrative process is completed.
  • The Eleventh Circuit is the fourth federal appellate court to find that district courts cannot hear preenforcement challenges to the SEC’s administrative in-house courts.
  • Hill likely marks the end of a legal debate that has drawn significant public attention over the past several years.