Last week, the United States Court of Appeals for the 10th Circuit ruled that a decision by a Securities and Exchange Commission administrative law judge was unconstitutional.
The 10th Circuit’s decision in David V. Bandimere v. SEC is the latest to address the constitutional standing of the SEC’s five career administrative judges.
It also creates a circuit split, which some experts say will invite a review by the Supreme Court on the matter. In August of 2016, the District of Columbia Court of Appeals unanimously upheld the constitutionality of the SEC’s administrative law judges in a separate SEC decision.
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