After seven years of an uphill battle challenging the adjudicatory process at the Securities and Exchange Commission, Michelle Cochran’s backbreaking journey has paid off. In a historic and unanimous Supreme Court victory in Axon v. FTC consolidated with SEC v. Cochran, the highest court in the land declared earlier this month that Michelle can, indeed, challenge the constitutionality of the agency’s adjudicatory process (and even the constitutionality of the agency itself) before undergoing yet another administrative adjudication.

As Justice Gorsuch remarked after describing the long and painful path taken by NCLA’s client to get to this point: “This is what a win looks like.” But now what

NCLA President and General Counsel Mark Chenoweth moderates a discussion with our expert panelists: Greg Garre, partner at Latham & Watkins, and Peggy Little, Senior Litigation Counsel at NCLA, to answer that very question.