The judge who took New England Patriots quarterback Tom Brady's side in "Deflategate" just told Mary Jo White and Co to investigate allegations of bias on the part of the Securities and Exchange Commission's own in-house judges.

Richard Berman United States District Judge for the Southern District of New York

Wall Street Journal reports on U.S. District Judge Richard Berman's Thursday ruling, in which he tossed the SEC's challenge to his halting the case against an ex S&P ratings executive.

The judge warns that just because the SEC's in-house system is faster than the regular federal court system doesn't mean it's better. And the WSJ adds that Berman is one of two judges who says that SEC staff (instead of commissioners) appointing in-house judges is unconstitutional.

So, for fundsters, B-Ds, and FAs that fear the SEC's in-house courts, stay tuned to this case. The federal courts might be about to rock this part of your regulatory world. 

Edited by: Neil Anderson, Managing Editor


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