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Rakoff Hopes SEC Will ‘Think Twice’ About Using Admin Court

Law360, March 3, 2015

Rakoff Hopes SEC Will ‘Think Twice’ About Using Admin Court

U.S. District Judge Jed S. Rakoff said on Monday he hopes the U.S. Securities and Exchange Commission will “think twice” about continuing to use its administrative courts for complex enforcement matters, a trend he said could lead to “awkward” and “troubling” results. Speaking on a panel at an event hosted by the New York City Bar Monday evening, Judge Rakoff said he considers the SEC to be the “jewel of the federal bureaucracy.” But, like all agencies, it suffers from tunnel vision, he added. He said he was worried by the SEC’s increased use of administrative courts, which were traditionally used for small-action books and records cases, for big claims.

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