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The SEC’s Evolving Enforcement Authority: From Courtroom to Administrative Proceedings

For more than a decade, the U.S. Securities and Exchange Commission has been able to bring enforcement actions in either federal court or the agency’s internal venue. Not anymore. The U.S. Supreme Court issued a pivotal ruling in SEC v. Jarkesy significantly curtailing the SEC’s ability to use its administrative proceedings to impose civil penalties for securities fraud. Instead, these cases must be tried in federal district court, where a defendant’s Seventh Amendment right to a civil jury trial is available. This decision not only alters the landscape for securities fraud enforcement but also signals potential broader implications for the enforcement powers of federal agencies across the government.

Coupled with a series of other recent rulings by the Court, this verdict adds to a body of law with potentially far-reaching implications for the enforcement powers of all federal agencies.

Michelle Reed Jumps to Paul Hastings

Paul Hastings continued its Texas expansion Monday announcing that a nationally recognized expert in cybersecurity and privacy litigation joined the firm’s Dallas office as a partner. The firm has added nearly 40 lawyers in Texas since last September. The Lawbook interviewed Reed on her move to Paul Hastings and developments and trends in cybersecurity litigation.

More Lawyers Enter SDTX Bankruptcy Scandal Fray

The bankruptcy courts in the Southern District of Texas are still a hotbed for intense litigation, attracting some of the best lawyers in the nation — just not for the reasons the bankruptcy judges ever wanted or even contemplated. Prominent Texas lawyers David Beck, Rusty Hardin, Anne Johnson, Tom Kirkendall, Mike Lynn, John Sparacino, Jeff Tillotson and scores of other highly paid lawyers have been hired by plaintiffs, defendants and third parties involved in the legal fallout from the forced resignation late last year of former SDTX Chief Bankruptcy Judge David Jones. The Texas Lawbook has the details.

Austin IP Litigator Joins Winstead

Patent litigator Nadia Haghighatian announced her move from Kirkland & Ellis on LinkedIn. Earlier this week, Winstead announced a new real estate partner from Fried Frank.

P.S. — Animal Wellness Advocacy, July Legal Clinics, Public Defense Research

This week’s edition of P.S. features a Dallas-area law school’s new six-figure research project aimed at protecting Sixth Amendment rights, July dates for the Dallas Bar Association and Dallas Volunteer Attorney Program’s pro bono legal clinics (virtual, telephone and in-person), and background on a national animal rights-focused nonprofit that recently hired a new director in Texas. 

Firms and companies featured in this week’s P.S. include Akin, Bradley, DLA Piper, Haynes Boone, Katten, Hunton Andrews Kurth, McDermott, Winston, Gibson Dunn, Prudential and EQT Corp.

A Conversation with a Mother of 4 About Practicing Law on Her Own Terms 

Many female litigators believe an “all or nothing” narrative they’ve been fed: They cannot raise a family while also advancing in their careers. But Reese Marketos’ Kendal Simpson is here to challenge that narrative with an alternative way of practicing law. After taking six years off to be a stay-at-home mom, Simpson recently returned to her firm with the goal of growing a team of high-achieving women who want more flexibility without having to leave their practice. In a Q&A with The Lawbook, Simpson discusses her part-time arrangement at her firm, how it’s added value and how others can pursue these types of opportunities.

“When we are the sex expected to do it all — that is unsustainable,” Simpson said. “This model is about women being able to sustain a skillset that they worked so hard to develop while also not neglecting other parts of life.”

Texas Experts: SCOTUS’ Jarkesy Decision to Have Limited Impact on SEC Enforcement 

The U.S. Supreme Court’s decision Thursday that defendants in fraud cases have the right to a civil jury trial in cases in which the U.S. Securities and Exchange Commission seeks financial penalties appears to be broad and sweeping but may have only minimal impact on SEC enforcement actions. But legal experts say that the decision could have a significant impact on settlements with the SEC. The SEC’s case against George Jarkesy, a Texas hedge fund manager and conservative radio talk show host, dates back to 2013 when the government claims that Jarkesy defrauded investors by falsely leading them to believe that KPMG was auditing two funds he launched. The SEC brought their case in an administrative proceeding before an SEC-appointed ALJ. The SEC hit Jarkesy and a co-defendant with $300,000 in penalties and ordered Jarkesy’s fund, Patriot28, to disgorge about $685,000 in ill-gotten gains.

Also, click here to see the list of Fifth Circuit cases handled by the Supreme Court this term.

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