The SEC’s top lawyers didn’t sign the Trump administration brief, suggesting they don’t support the new position.
The day after the brief was filed, the SEC issued an order that ratified the appointment of its five judges and told them to review each of their pending cases. Although the commission said the moves would resolve any problems under the appointments clause, that’s likely to be disputed. Lucia’s lawyers called the order "substantively defective."
Critics say the SEC fares much better before its own judges than it does in federal court. In a court filing supporting Lucia, the U.S. Chamber of Commerce said the commission has a "home court advantage in administrative proceedings."
The case is Lucia v. SEC, 17-130.
This article was provided by Bloomberg News.