![]() ![]() Circuits, which have all ruled that the Securities and Exchange Act – which explicitly specifies that targets can seek review of final SEC orders in federal circuit courts – implicitly divests trial courts of jurisdiction to hear constitutional challenges to ongoing SEC administrative proceedings. ![]() That holding directly contradicts precedent from the 2nd, 4th, 7th, 11th and D.C. Securities and Exchange Commission that Cochran can sue in federal court without waiting for a final determination in the SEC’s enforcement proceeding against her. ![]() The 5th Circuit majority ruled in Cochran v. Circuit Court of Appeals to split with five other federal circuits and allow Cochran to bring a constitutional challenge in federal court to block an administrative proceeding brought by the Securities and Exchange Commission. (Reuters) - A Texas accountant named Michelle Cochran and her lawyers from the New Civil Liberties Alliance pulled off a remarkable feat on Monday: They persuaded the en banc 5th U.S. ![]()
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