In her latest “The Informed Investor” column in the Rochester Business Journal, Senior Counsel Patricia Foster of our Corporate Practice Group covers last month’s U.S. Supreme Court decision in Axon Enterprise v FTC , which she says is likely to have far-reaching implications for government agency tribunals, and is a win for the financial services industry.

In consolidated cases involving constitutional challenges to two separate agencies, the Court looked closely at the adjudicative processes of the Federal Trade Commission (FTC) and the Securities and Exchange Commission (SEC). While the Court did not address merits of the specific constitutional challenges brought by the petitioners, it ruled that, as respondents in administrative proceedings, they could challenge the constitutionality of the agency proceedings directly in federal court, without enduring the agency processes. The agencies had argued that their respective authorizing statutes precluded jurisdiction of the federal district courts.

Subscribers can read Patricia’s full RBJ article here; she also drafted a legal alert on the topic which can be read here.