Bloomberg Law
July 22, 2016, 1:46 PM UTC

Appeals of SEC’s In-house Decisions Are Low and Declining

Bloomberg Law - Staff Reports

By Cameron Finch, Bloomberg BNA

Most respondents in administrative cases brought by the SEC’s Enforcement Division lose — probably a predictable result.

Perhaps more surprising: Most respondents don’t appeal to the full Securities and Exchange Commission.

Respondents appealed only 11 out of the 36 initial decisions — or 30.5 percent — in 2013, according to Bloomberg Law data on Administrative Law Judge decisions. That figure dropped to 15 out of 63 or 23.8 percent in 2014, and 13 out of 60 or 21.6 percent last year.

If the trend continues, the percentage of ALJ decisions appealed in 2016 will be ...

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