‘The Heart and Lungs of Liberty’
The Supreme Court curbs the SEC’s long campaign to evade the Seventh Amendment right of trial by jury.

The Supreme Court’s ruling in Securities and Exchange Commission v. Jarkesy is a victory for the plain language and logic of the Constitution. It holds that “when the SEC seeks civil penalties against a defendant for securities fraud, the Seventh Amendment entitles the defendant to a jury trial.” It is also, legal sage Philip Hamburger tells us, “the beginning of the end of the administrative state.” He celebrates the ruling as a “huge victory for jury rights.”
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