The Fifth Circuit Sides With Justinian and Blackstone

As has been widely reported, the Fifth Circuit Court of Appeals this week addressed the legal status of the administrative courts of the Securities and Exchange Commission.  In short, the Court held:

Attorney General Opines On Lay Representation At Administrative Hearings

Over three years ago, I wrote that California's Office of Administrative Hearings had requested the California Attorney General provide an opinion answering the following question:

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