Efficiency Is Not a Reason to Keep the SEC’s Unconstitutional In-House Courts

…In the meantime, Ms. Cochran chose to fight back. With the assistance of the New Civil Liberties Alliance, she filed suit in federal court, challenging the constitutionality of the SEC’s in-house courts. In response, the government argued that she must first endure the administrative trial process, before a federal judge can weigh her constitutional arguments, which challenge the legitimacy of that administrative trial process. The trial court sided with the government, but the U.S. Court of Appeals for the Fifth Circuit reversed…

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