The Supreme Court has stripped the Securities and Exchange Commission of a major tool in fighting securities fraud in a decision that also could have far-reaching effects on other regulatory agencies.
  • FireTower@lemmy.world
    10·
    3 days ago

    Tldr of the holding:

    When the SEC seeks civil penalties against a defendant for securities fraud, the Seventh Amendment entitles the defendant to a jury trial.

    Link to opinion: https://www.supremecourt.gov/opinions/23pdf/22-859_1924.pdf

    Edit: Here’s the text of the 7th Amendment for non Americans

    In Suits at common law, where the value in controversy shall exceed twenty dollars, the right of trial by jury shall be preserved, and no fact tried by a jury, shall be otherwise re-examined in any Court of the United States, than according to the rules of the common law.