Elon Musk and Mark Cuban are teaming up to challenge the Securities and Exchange Commission’s (SEC) practice of conducting in-house trials without juries. They argue that these administrative proceedings often lead to unfair outcomes for SEC defendants and may violate the right to a jury trial guaranteed by the Seventh Amendment. The case at the center of their challenge is SEC v. Jarkesy, where the plaintiff claims that the SEC’s internal adjudication process, overseen by an administrative law judge appointed by the commission, compromises his Seventh Amendment rights. Musk and Cuban highlight a shift in the SEC’s approach, with more cases being handled in-house rather than in federal courts since 2013. However, this move has been marred by issues, including the SEC’s admission of improperly accessing files in various cases. The Justice Department Solicitor General argues that the 5th Circuit’s ruling in favor of Jarkesy was misguided and that Congress did not violate the Seventh Amendment. Musk, who is facing his third legal challenge from the SEC, and Cuban are urging the Supreme Court to support the 5th Circuit’s verdict. They believe that choosing administrative proceedings over federal court juries goes against the principles of fairness and justice.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | negative |
| Relevance Score | 1 |
| People | Mark Cuban, Elon Musk |
| Companies | SEC, administrative law judge, Securities and Exchange Commission, PayPal, Twitter, Supreme Court, FCA, X, Justice Department Solicitor General, Biden administration, Seventh Amendment, Jarkesy, America’s most trusted crypto exchange, Crypto News Flash, George Jarkesy, Elon Musk, eToro, FINRA, Mark Cuban, Congress, credit card, CySEC, 5th U.S. Circuit Court of Appeals |
| Currencies | None |
| Securities | None |
