A federal complaint must plead sufficient factual matter to state a claim that is plausible on its face, replacing the prior Conley v Gibson no-set-of-facts standard.
Federal Pleading Standard
Plausibility pleading standard from Twombly applies to all federal civil actions; conclusory allegations not entitled to assumption of truth.
Chevron U.S.A. v NRDC overruled; courts must independently interpret statutes and may not defer to agency interpretations solely because of statutory ambiguity.
The Seventh Amendment right to jury trial applies to SEC administrative fraud proceedings seeking civil penalties, rendering ALJ adjudication of such claims unconstitutional.
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