Mealey's (May 19, 2022, 2:35 PM EDT) -- NEW ORLEANS — A divided Fifth Circuit U.S. Court of Appeals panel on May 18 vacated a Securities and Exchange Commission ruling upholding an administrative law judge’s (ALJ) finding that a hedge fund manager and the funds’ investment adviser are liable for securities fraud in violation of the federal securities laws because the ALJ’s adjudication of the enforcement action violated the defendants’ constitutional right to a jury trial....