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Supreme Court Allows Upfront Constitutional Challenges to FTC and SEC Proceedings
Davis Polk – On April 14, a unanimous Supreme Court held that parties can challenge the constitutionality of the FTC’s and SEC’s administrative proceedings in federal court before an agency review is complete. This is not a decision on the constitutionality of these proceedings. But removing the requirement on parties to first exhaust administrative processes will facilitate parties’ ability to seek relief and may impact the FTC’s aggressive merger enforcement agenda.