Securities & Exchange Commission v. Chenery Corp.
Supreme Court of the United States
1Opinion of the CourtJustice Murphy
This case is here for the second time. In S. E. C. v. Chenery Corp., 318 U. S. 80, we held that an order of the Securities and Exchange Commission could not be sustained on the grounds upon which that agency acted. We therefore directed that the case be remanded to the Commission for such further proceedings as might be appropriate. On remand, the Commission reexamined the problem, recast its rationale and reached the same result. The issue now is whether the Commission’s action is proper in light of the principles established in our prior decision.
When the case was first here, we emphasized…
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