The U.S. Supreme Court ruled yesterday in Securities and Exchange Commission v. Jarkesy that, absent the defendant’s consent, the SEC must bring securities-fraud actions seeking civil penalties before a federal court, rather than before the agency’s in-house adjudicators. In a 6-3 decision authored by Chief Justice Roberts, the Court affirmed the Fifth Circuit’s decision, holding that the Seventh Amendment entitles defendants to a jury trial and that the “public rights” exception to the Amendment does not apply.