SEC's Big DC Circ. Win Won't End In-House Clash

Stanley A. Twardy Jr. was quoted in an article,"SEC's Big DC Circ. Win Won't End In-House Clash," in Law360. In the article, Twardy discusses the D.C. Circuit's decision to deny money manager Raymond J. Lucia's petition for review, finding the SEC's administrative law judges don't violate the appointments clause of the U.S. Constitution because they act as employees who don't issue final decisions and not as officers of the United States. Twardy states that the victory is especially important for the SEC because of the influence the D.C. Circuit wields over other circuits. "It enables them to continue to do business as they have been doing it, which is pick off cases that they want to have on their own court," said Twardy.