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ARTICLE · 12 OCTOBER 2015

Final SEC Administrative Decision Required Before Appeal To Court

Holland & Knight
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In a September 29, 2015 decision, the U.S. Court of Appeals for the District of Columbia Circuit affirmed the dismissal of a lawsuit brought by investment advisors who asked the Court to stop the SEC proceedings and to allow for judicial resolution of the enforcement action against them.

United StatesLitigation, Mediation & Arbitration
Christine Walz
Christine Walz
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Christine Walz is an Associate in Holland & Knight's Washington D.C. office

Co-author: Rachel Mueller

In a September 29, 2015 decision, the U.S. Court of Appeals for the District of Columbia Circuit affirmed the dismissal of a lawsuit brought by investment advisors who asked the Court to stop the SEC proceedings and to allow for judicial resolution of the enforcement action against them. The D.C. Circuit refused to intervene at this level of the dispute, finding that the investment advisors could not bypass administrative review when the security laws provide "an exclusive avenue for judicial review," which includes appeal from a final SEC decision.

The SEC began an action against the investment advisors and their business partners in March 2013. The SEC alleged that the investment advisors and business partners engaged in fraudulent conduct in violation of the Exchange Act, the Securities Act, the Advisers Act, and the Company Act.  The two business

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