The U.S. Supreme Court began its new term this week and is taking cases government enforcement practitioners will want to follow. Specifically, the Court will address issues concerning: the interplay between SEC administrative proceedings and the right to a jury trial; the amount of authority Congress can permissibly delegate to the SEC; who bears the burden of proof on the issue of retaliatory intent in adverse employment actions concerning whistleblowers; and the scope of due process for post-seizure probable cause hearings.

Because so much modern enforcement occurs within administrative agencies, as opposed to Article III courts, the decisions from this term could have major implications for individuals and entities facing current and future enforcement actions.

Overview of Cases:

Securities and Exchange Commission v. Jarkesy | Murray v. UBS Securities, LLC | Culley v. Marshall | Macquarie Infrastructure Corporation, et al. v. Moab Partners, L.P., et al.

Securities and Exchange Commission v. Jarkesy

Case No. 20-61007; Argument date to be determined

Issues:

1. Whether certain statutory provisions—§ 8A of the Securities Act, § 21B of the Exchange Act, § 203(i) of the Advisers Act, and § 9(d) of the Investment Company Act—violate the Seventh Amendment right to a jury trial;
2. Whether Dodd-Frank § 929P(a) violates the nondelegation doctrine because it authorizes the SEC to choose to enforce securities laws through agency adjudication instead of filing an action in an Article...

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