Mark Cuban has not forgotten the agency he defeated in court. He has embarked on a plan to post Securities and Exchange Commission trial transcripts on his blog. SEC lawyers make mistakes just as everyone else does, so this project will undoubtedly bring some embarrassing moments to light and laughter. The first episode of candid courtroom commenced on a more serious note. Federal district court judge William S. Duffey, Jr. chides the SEC for "looking at a case late and finding an issue and evidence that they want to admit and trying to find a rationalization for it." As the judge explains, the SEC's objective should be for "a just result and not just for a result." The judge may have put his finger on the hardest part of an SEC enforcement attorney's job. There is an understandable thrill in making a wrongdoer pay for violating the law. Carrying out investigative and trial responsibilities in order simply to achieve a just result is much less satisfying. Justice may demand that a case get dropped or that a particular tactic for securing victory be avoided. The SEC and other government agencies must do their part by rewarding good lawyering even if it does not result in a checkmark in the government's win column.
Striving for Justice
- Second Circuit: Pragmatism Trumps Truth
- Advice with Borders
- SEC Proposes Crowdfunding Rules under the JOBS Act
- SEC Announces Meeting to Propose Crowdfunding Rules
- Bi-Partisan Group of Senators Writes to SEC to Demand Crowdfunding Action
- Rumored SEC Proposal Would Ease Requirement for Investor Income Verification
- Businessweek on class actions
- SEC Approach to JOBS Act Creates Confusion
- Better bounty hunting in securities litigation?
- Author of JOBS Act Rips SEC's Proposed Regulations
- Paternalism and Securities Laws
- SEC Adopts Rules under Title II of JOBS Act
- SEC Nominees Said to Push for Completion of Dodd-Frank and JOBS Act Regulations
- SEC Settles on Poor Cases