SEC Lacked ‘Substantial Evidence’ In Making Ruling, Panel Rules

(December 11, 2015, 11:35 AM EST) -- BOSTON — A First Circuit U.S. Court of Appeals panel on Dec. 8 ruled that a Securities and Exchange Commission administrative judge order against two former employees of State Street Bank and Trust Co. was in error because the SEC’s ruling was not “supported by substantial evidence” (John P. Flannery v. Securities & Exchange Commission, No. 15-1080; James D. Hopkins v. Securities & Exchange Commission, No. 15-1117, 1st Cir.).

(Opinion available. Document #57-151214-050Z.)

The SEC issued an order instituting proceedings against former State Street employees James...
To view the full article, register now.