A federal court has subject matter jurisdiction over a person’s pre-enforcement challenge that administrative proceedings by the Securities and Exchange Commission violate the U.S. Constitution, Southern District Judge Richard Berman held Wednesday.
But Berman nonetheless denied the claim of Standard & Poor’s managing director Barbara Duka, who argued that administrative law judges who preside over cases pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 are effectively insulated from removal from office.
