Claim that SEC admin proceeding is unconstitutional dismissed. Barbara Duka, a former rating agency executive, filed suit claiming that the SEC’s administrative enforcement action against her was unconstitutional because administrative law judges (ALJs) are insulated from Presidential oversight. After finding that it has subject matter jurisdiction over the suit, the US District Court for the Southern District of New York held that Duka is not entitled to a preliminary injunction because she is unlikely to succeed on the merits of her constitutional claim. Congressional restrictions on the President’s ability to remove “quasi-judicial” ALJs are unlikely to interfere with the President’s ability to perform his executive duties. (4/15/2015) Duka v. SEC.

Free from injunction, Wal-Mart can omit proxy proposal. The US Court of Appeals for the Third Circuit reversed and vacated a district court order enjoining Wal-Mart Stores, Inc. from relying on SEC Rule 14a-8’s “ordinary business exception” to exclude a proxy proposal that would require a Wal-Mart board committee to establish policies on whether Wal-Mart should sell a product that “especially endangers public safety” or is “considered by many offensive to the family and community values.” The Third Circuit order permits Wal-Mart to exclude the proposal from its 2015 proxy. (4/14/2015) Trinity Wall Street v. Wal-Mart Stores, Inc.