Alliance Files Brief with Supreme Court Featured

By Staff Writer December 27, 2019

An amicus brief filed by the New Civil Liberties Alliance (NCLA) urges the U.S. Supreme Court to reverse a 9th Circuit decision that endorses the Security and Exchange Commission’s routine use of abusive legal remedies not authorized by relevant federal statutes.

In Liu v. Securities and Exchange Commission, the high court is asked whether the SEC may pursue “disgorgement” as equitable relief for securities law violations even though the court has previously determined that disgorgement is a “penalty,” and the statutory remedies do not authorize such penalties. 

“Little by little, focusing on bad actors rather than the law,” stated NCLA senior litigation counsel John Vecchione, “the SEC and other federal agencies have steadily worked to expand their power and authority far beyond what elected lawmakers in Congress have allowed.

“In the particular case of the SEC, it has pursued a deliberate, bootstrapping strategy over several decades that cultivates judges’ outrage over defendants’ misconduct at the expense of temperance and the rule of law.

“(The) NCLA hopes the justices will seize the opportunity presented by Liu to strike a more definitive blow against the administrative state,” Vecchione stated.

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Last modified on Monday, 06 January 2020 14:51

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