SEC Not Entitled to Deference in State Street Fraud Appeal – Law Prof

McDermott represents before the First Circuit one of two former investment fund executives held liable by the SEC for violating the Securities Act, despite a finding to the contrary by an SEC in-house judge. The Firm contends that the SEC’s interpretation of the Securities Act’s fraud provision is a misreading of the statute and is not entitled to deference under the Supreme Court’s 1984 Chevron decision. Read the full article.