In this episode, co-host Michael Dawson is joined by Noah Rosenblum, an assistant professor of law at NYU and former WilmerHale summer associate, to discuss the Supreme Court’s decision in Securities and Exchange Commission v. Jarkesy. The case concerns whether the SEC has the authority to seek civil penalties against an individual before an administrative law judge rather than before an Article III-appointed judge and a jury of the individual’s peers. As a result of the Court’s decision, the SEC may no longer rely on its administrative forum to seek civil penalties for alleged violations of securities laws.

Dawson and Rosenblum give a timeline of events that led up to the Supreme Court case, with Rosenblum breaking down how the majority and dissenting opinions diverge. Leveraging his background as a legal historian, Rosenblum provides historical context and explains how applying a traditional Constitutional interpretation to the case increases its complexity. Dawson and Rosenblum also discuss the long-term impact this case could have, highlighting how the final ruling leaves many unanswered questions that could pose challenges in interpreting future decisions.

This episode is the latest installment of our miniseries examining notable decisions recently issued by the US Supreme Court. Previous episodes covering this year’s term looked at the decisions in Cantero v. Bank of America and Alexander v. South Carolina State Conference of the NAACP.