⚖ Oral Arguments, with Context

Real court arguments, crisp audio, with context.

Court recordings can be difficult to follow, and many suffer from poor audio quality. This podcast enhances the audio, provides a brief introduction to each case, and explains legal concepts that may be unfamiliar to some listeners.

We hope these enhancements make oral argument recordings easier to understand, more accessible, and more enjoyable to listen to.

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Lek Securities Corporation v. SEC — D.C. Cir. (Oct 26, 2026)

No. 25-1221 Argued October 26, 2026 Published October 28, 2026

The D.C. Circuit hears Lek Securities' challenge to stock-exchange penalties after roughly ten years of SEC review. Lek executed and cleared customers' stock trades through its electronic system. The New York Stock Exchange disciplined the firm for trading-rule violations and inadequate supervision, including failures to monitor potentially manipulative trading. Lek sought review by the Securities and Exchange Commission in 2015. The Commission ruled in 2025, largely upholding the findings. One limited part of the penalty was later reduced, but the wider dispute remained. The firm's lawyer will argue that excluding industry-expert testimony left no adequate basis to judge its supervision. The SEC will defend the record supporting the disciplinary findings. The judges will also examine whether the long delay harmed Lek's ability to defend itself.

Lek Securities Corporation v. SEC (No. 25-1221) — U.S. Court of Appeals for the D.C. Circuit, argued October 26, 2026.

Sources
Argument audio — official D.C. Circuit original; complete case call, advocacy and closing retained; routine loudness matching and peak protection only:https://media.cadc.uscourts.gov/recordings/docs/2026/10/25-1221.mp3
Case, argument date and arguing counsel — official D.C. Circuit October 2026 recordings archive, October 26 entry:https://media.cadc.uscourts.gov/recordings/bydate/2026/10
Trading background, supervisory findings, 2015 review and expert-testimony ruling — actual SEC March 6, 2025 opinion, pages 1–5 and 42–46; earlier agency ruling, not this court’s outcome:https://www.sec.gov/files/litigation/opinions/2025/34-102533.pdf
Limited remand, reduced penalty and final agency order — actual SEC August 26, 2025 opinion, all four pages; not a finding that the entire case settled or all appeal rights were waived:https://www.sec.gov/files/litigation/opinions/2025/34-103777.pdf
Official index and underlying administrative proceeding 3-16424:https://www.sec.gov/enforcement-litigation/administrative-proceedings/3-16424

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