![]() ![]() ![]() The SEC brought an enforcement action against Michelle Cochran, a CPA, in 2016, charging her with failing to comply with PCAOB auditing standards when performing audits and reviews. Cochran will have a chance to be heard via the established statutory scheme, the dissent says ( Cochran v. A dissent joined by seven judges, however, accuses the majority of creating a circuit split by departing from the reasoning of at least five other circuits. The en banc court reversed this judgment, finding that Section 25 did not limit the district court's jurisdiction here and that this case is not the type of claim Congress intended to funnel through the Exchange Act's statutory-review scheme. ![]() In this case, a panel had affirmed a district court's conclusion that lacked jurisdiction to hear a constitutional challenge to an SEC enforcement proceeding. The Fifth Circuit, sitting en banc, has concluded that district courts have subject matter jurisdiction to hear structural constitutional claims. ![]()
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