Federal courts possess inherent power to sanction bad-faith litigation conduct, not displaced by Rule 11 or 28 U.S.C. § 1927.
Sanctions
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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