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Amicus Briefs

SEC v. Murphy

In November 2022, Securities and Exchange Commission (SEC) announced record-breaking enforcement results, boasting a staggering $4.2 billion in civil penalties imposed during just the past fiscal year—the agency’s “highest on record.” It did so by using putatively “civil” law enforcement powers to seek and impose severe financial penalties—calculated using arbitrary and inconsistent multipliers—against American citizens without due process and procedural protections. NCLA challenged this questionable practice in an amicus brief filed supporting rehearing en banc in SEC v. Jocelyn M. Murphy, et al. NCLA argued that the full Ninth Circuit had an excellent opportunity to bring desperately needed consistency, clarity, and discipline to the calculation of civil penalties in enforcement cases prosecuted by SEC.

Mark Chenoweth
President and Chief Legal Officer
Russ Ryan
Senior Litigation Counsel

Order of the U.S. Court of Appeals for the Ninth Circuit

January 25, 2023 | Read More

Amicus Curiae Brief of the New Civil Liberties Alliance in Support of Petition for Rehearing En Banc

November 28, 2022 | Read More


NCLA Amicus Brief Takes on SEC’s Arbitrary Calculations of Civil Penalties in Enforcement Cases

November 30, 2022 | Read More



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