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Email In a decision that likely will reverberate throughout the administrative state, a three-judge panel of the United States Court of Appeals for the Fifth Circuit recently held in Jarkesy v. Securities and Exchange Commission that the Securities and Exchange Commission’s use of its in-house administrative law judges (“ALJs”) to adjudicate securities fraud actions seeking the imposition of monetary penalties was unconstitutional for three independent reasons. https://www.cadwalader.com/resources/clients-friends-memos/fifth-circuit-bombshell-on-sec-aljs-raises-questions-about-dea-aljs