The US Supreme Court ruled that individuals accused of securities fraud by the SEC have the right to a jury trial.

The US Supreme Court, in a 6-3 decision, ruled that individuals accused of securities fraud by the Securities and Exchange Commission (SEC) have the right to a jury trial in federal court, stripping the SEC of a primary enforcement tool. The ruling has implications for other regulatory agencies and could affect the SEC's $5B in civil penalties awarded in 2023. The SEC had already reduced the number of cases pursued via administrative proceedings ahead of the Supreme Court's decision.