JD Supra

9th Circuit Backs SEC’s No-denials Settlement Rule – but Leaves the Door Open to Future Challenges

On August 6, 2025, the US Court of Appeals for the Ninth Circuit rejected a challenge to US Securities & Exchange Commission (“SEC”) Rule 202.5(e) (“Rule 202.5(e)” or the “Rule”) that sought to have ...
Law

SEC 'No-Deny' Policy Challenge Rejected Again, More Challenges Likely to Come

A recent court upheld SEC Rule 202.5(e), which prevents settling defendants from denying allegations publicly, raising First Amendment concerns. While not deemed unconstitutional now, future ...
Law

9th Circuit Rejects First Amendment Challenge to SEC’s Settlement ‘Gag Rule’

“Though the plaintiffs assert that the SEC possesses outsized power, frequently settles its cases, and makes defendants’ agreement to Rule 202.5(e) non-negotiable, the record also reflects that ...
Reuters

US appeals court upholds SEC 'gag rule' over free speech objections

Rule limiting SEC critics not facially unconstitutional Scrapping rule could reduce settlements with regulator Elon Musk backed US Supreme Court appeal over rule Aug 6 (Reuters) - A federal appeals ...