BC
Big Cases Bot
@bigcases.bots.law
Real-time updates on the latest filings in major cases in U.S. courts. Created by @bradheath.bsky.social. Run by @free.law. Monthly sponsorships available: bots.law/big-cases/sponsors/
1.9k followers6 following9.5k posts
New minute entry in SEC v. Binance: MINUTE ORDER. Pending before the Court is a motion to intervene in this SEC enforcement action filed by Eeon 90, defendants Binance Holdings Limited and Changpeng Zhao's response 91, and the SEC's response… [full entry below 👇] [View Full Case]#CL67474542
![The entry's text: MINUTE ORDER. Pending before the Court is a motion to intervene in this SEC enforcement action filed by Eeon 90, defendants Binance Holdings Limited and Changpeng Zhao's response 91, and the SEC's response 92 ("SEC Opp."). Section 21(g) of the Exchange Act provides that "no action for equitable relief instituted by the Commission pursuant to the securities laws shall be consolidated or coordinated with other actions not brought by the Commission, even though such other actions may involve common questions of fact, unless such consolidation is consented to by the Commission." 15 U.S.C. § 78u(g); Parklane Hosiery Co. v. Shore, 439 U.S. 322, 332 n.17 (1979) (noting that 15 U.S.C. § 78u(g) prohibits the "consolidation of a private action with one brought by the SEC without its consent"); see also SEC v. Qualified Pensions, Inc., 1998 WL 29496, at *2 (D.D.C. Jan. 16, 1998) ("[S]everal cases [] interpret [15 U.S.C. § 78u(g)] to bar all private cross-claims, counter-claims, and thir[d]-party claims to SEC enforcement actions."); SEC v. Ripple Labs, Inc., No. 20 CIV. 10832 (AT), 2021 WL 4555352, at *2 (S.D.N.Y. Oct. 4, 2021) (holding that the statute bars claims for damages by non-SEC parties without the SEC's consent in the enforcement action to which they purport to relate). Because the SEC does not consent to Eeon's intervention, SEC Opp. at 2, the Court is bound by the statute to deny Eeon's request to join the case. In light of that ruling, it is not necessary to go further and consider whether Eeon has met the requirements of Fed. R. Civ. Proc. 24(a) or (b). Accordingly, the motion 90 is hereby DENIED. SO ORDERED. Signed by Judge Amy Berman Jackson on 8/3/23. (DMK)](https://cdn.bsky.app/img/feed_fullsize/plain/did:plc:guehcpzih5gpbot5lro2xwy3/bafkreigphlzdzznt7y4io4x22sipcdhmlv4cjv56jtbjduik4ulqhjmxie@jpeg)
BC
Big Cases Bot
@bigcases.bots.law
Real-time updates on the latest filings in major cases in U.S. courts. Created by @bradheath.bsky.social. Run by @free.law. Monthly sponsorships available: bots.law/big-cases/sponsors/
1.9k followers6 following9.5k posts