Litigators who focus on securities enforcement and appellate law take the pulse of the courts this week on significant trends involving the U.S. Securities and Exchange Commission. More and more cases test the constitutionality of the agency’s administrative law judges, and the commission is fashioning a new norm for clawbacks that target executive bonus compensation. Plus, a look at the challenges posed by securities that are listed on more than one exchange.

SEC In-House Forum Is Constitutionally Uncertain
Federal trial courts, confronting challenges to the agency’s administrative law judges, appear divided.