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Musk and Mark Cuban Collaborate to Contest SEC Trial Methods
19/10/2023
Elon Musk and Mark Cuban have jointly filed an amicus brief challenging the SEC's practice of conducting juryless in-house trials, citing concerns about unequal outcomes and Seventh Amendment rights. They raised issues related to the SEC's shift to more in-house cases, the improper access of files in cases like SEC v. Jarkesy, and the introduction of new regulations for public companies regarding data breach disclosures.
On the other side, the Justice Department Solicitor General argues that Congress did not breach the Seventh Amendment by allowing the SEC to use administrative proceedings. Elon Musk is facing his third legal challenge from the SEC regarding his Twitter takeover. Musk and Cuban maintain that opting for administrative proceedings over federal court juries contradicts the SEC's mission and could potentially harm investors and markets.
