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Civil Procedure — mootness

By: WISCONSIN LAW JOURNAL STAFF//May 2, 2012//

Civil Procedure — mootness

By: WISCONSIN LAW JOURNAL STAFF//May 2, 2012//

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United States Court of Appeals For the Seventh Circuit

Civil

Civil Procedure — mootness

The effects of old sanctions on how public officials exercise their discretion in the future are not collateral consequences that create an ongoing case or controversy under Article III, when the old sanction has expired of its own force.

“Tara Gold believes that, if we were to set aside the SEC’s revocation decision, FINRA would no longer be interested in the comments the SEC’s staff made following Tara Gold’s new registration statement, and its shares would start trading again. But whether litigation is moot depends on whether the judicial branch can afford relief. The only relief Tara Gold seeks is against the SEC. The Financial Industry Regulatory Authority is not a party to this proceeding. Nothing we could do would oblige FINRA to allow trading to resume. Nothing we could do would expunge the staff’s comment letter, let alone the SEC’s opinion; a judicial decision would affect only the agency’s order. Nor could a judicial decision in this case prevent FINRA from thinking, as it evidently did, that Tara Gold’s failure to come current in its filings renders it inappropriate for broker-dealers to make a public market in Tara Gold’s securities. Tara Gold has not cited any decision, by any court, holding that a case or controversy continues even after the effect of a revocation order has been undone by the stock’s re-registration. We do not see a good reason to create such a precedent.”

Dismissed.

11-3083 Tara Gold Resources Corp. v. SEC

Petition for Review of an Order of the Securities and Exchange Commission, Easterbrook, J.

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