Judge Berman Deflates SEC's ALJ Appointment Process

United States District Court Judge Richard M. Berman of the Southern District of New York has been making headlines in recent weeks as he presides over the highly publicized case between the National Football League ("NFL") and National Football League Players Association ("NFLPA") regarding the suspension of New England Patriots star quarterback Tom Brady over his alleged role in "Deflategate."  Taking a page from the Patriot's playbook, Judge Berman recently deflated the United States Securities and Exchange Commission ("SEC") and its controversial administrative court forum.

On August 12, 2015, Judge Berman issued a preliminary injunction against the SEC preventing it from continuing its administrative proceeding against a former Standard & Poor's rating services ("S&P") executive, Barbara Duka.  In his Order, Judge Berman found that the SEC administrative law judges ("ALJs") were not appropriately appointed by the SEC Commissioners pursuant to Article II of