SEC Stands by Ad Hoc Rulemaking in State Street Appeals Brief


Mark Pearlstein, representing one of two former securities executives appealing SEC sanctions levied despite their having been cleared by an SEC in-house judge, said he will file a rebuttal on August 3 to the SEC’s defense of its action. In the First Circuit appeal, Mr. Pearlstein had argued that the SEC reached the wrong conclusion about the Securities Act’s antifraud clauses and shouldn’t be permitted to impose new rules through an enforcement action. Read the full article