Constitutional Law,
Administrative/Regulatory,
9th U.S. Circuit Court of Appeals
Feb. 14, 2025
9th Circuit weighs challenge to SEC's longstanding 'gag rule'
The attorney challenging the policy claims it forces defendants to waive their First Amendment rights, while the SEC argues it preserves public confidence and settlement efficiency. Judges appeared intrigued but skeptical as they debated the policy's constitutional implications.
An attorney representing individuals who settled U.S. Securities and Exchange Commission charges but want to criticize the agency told the 9th U.S. Circuit Court of Appeals panel on Thursday that its policy violates the First Amendment.
Margaret A. Little, senior litigation counsel with the New Civil Liberties Alliance, told the panel that the commission's decades-old "no confirm, no deny" policy when reaching settlements of its cases is a "gag rule" that i...
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