NCLA files a suit against SEC's CAT program, alleging unlawful data collection and violation of the Fourth Amendment.
The New Civil Liberties Alliance (NCLA) has filed a lawsuit against the Securities and Exchange Commission (SEC), alleging the agency's "Consolidated Audit Trail" (CAT) program illegally collects personally identifiable data from citizens who invest in the stock market without congressional approval and in violation of the Fourth Amendment. The NCLA claims the CAT program, funded through fees collected by the SEC through investment transactions, is "completely unlawful" and puts Americans' financial data at risk.
April 21, 2024
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