COCHRAN v. U.S. S.E.C.

No. 19-10396.

20 F.4th 194 (2021)

Michelle COCHRAN, Plaintiff-Appellant, v. U.S. SECURITIES AND EXCHANGE COMMISSION; Gary Gensler, in his official capacity as Chairman of the U.S. Securities and Exchange Commission; Merrick Garland, U.S. Attorney General, Defendants-Appellees.

United States Court of Appeals, Fifth Circuit.

FILED December 13, 2021.


Attorney(s) appearing for the Case

Margaret A. Little , New Civil Liberties Alliance, Washington, DC, Karen L. Cook , Karen Cook, P.L.L.C., Dallas, TX, for Plaintiff-Appellant.

Joshua Marc Salzman , U.S. Department of Justice, Civil Division, Appellate Section, Daniel J. Aguilar , U.S. Department of Justice, Rebecca Cutri-Kohart , U.S. Department of Justice, Civil Division, Washington, DC, Brian Walters Stoltz , U.S. Attorney's Office, Northern District of Texas, Dallas, TX, for Defendants-Appellees Securities and Exchange Commission, and Merrick Garland.

Joshua Marc Salzman , U.S. Department of Justice, Civil Division, Appellate Section, Daniel J. Aguilar , U.S. Department of Justice, Rebecca Cutri-Kohart , U.S. Department of Justice, Civil Division, Washington, DC, for Defendant-Appellee Gary Gensler.

Ashley Charles Parrish, Esq. , King & Spalding, L.L.P., Washington, DC, for Amici Curiae Cato Institute, Cause Of Action Institute, and Competitive Enterprise Institute.

Allyson Newton Ho , Bryan M. Clegg, AT , Bradley G. Hubbard , Ashley E. Johnson, Esq. , Gibson, Dunn & Crutcher, L.L.P., Dallas, TX, Jacob T. Spencer , Gibson, Dunn & Crutcher, L.L.P., Washington, DC, for Amicus Curiae Texas Public Policy Foundation.

Michael David Pepson , Americans for Prosperity Foundation, Arlington, VA, for Amicus Curiae Americans for Prosperity Foundation.

Before OWEN, Chief Judge, and JONES, SMITH, STEWART, DENNIS, ELROD, SOUTHWICK, HAYNES, GRAVES, HIGGINSON, COSTA, WILLETT, DUNCAN, ENGELHARDT, OLDHAM, and WILSON, Circuit Judges.


The question presented is whether a provision of the Securities Exchange Act of 1934 ("Exchange Act"), 15 U.S.C. § 78y, implicitly strips federal district...

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