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Mealey's Securities/D&O Liability - Panel: Investment Adviser's Collateral Suit Bypassed SEC's Statutory Scheme

ATLANTA - An 11th Circuit U.S. Court of Appeals panel on Dec. 30 ruled that an investment adviser may not file a lawsuit challenging the Securities and Exchange Commission's filing of administrative proceedings against him because allowing such action would allow him to impermissibly "bypass the SEC statutory scheme by filing a collateral action in federal district court" (Christopher M. Gibson v. Securities and Exchange Commission, et al., No. 19-11969, 11th Cir., 2019 U.S. App. LEXIS 38635).
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