Jan M. Folena

WASHINGTON — Stradley Ronon partner Jan Folena, co-chair of the firm’s securities and regulatory enforcement practice, presented on a panel at The Federalist Society’s webinar on “Loper Bright Fallout for SEC Rulemaking?” on January 20.

The panel explored the implications and broader legal and policy questions raised by the U.S. Securities and Exchange Commission (SEC)’s decision to voluntarily dismiss with prejudice its first enforcement action brought under the Liquidity Rule promulgated pursuant to the Investment Company Act of 1940. Stradley Ronon vigorously defended the independent trustees named in the action — led by Jan — and challenged the SEC’s authority to issue the Liquidity Rule itself.

That challenge prompted the district court to order additional briefing on the framework established by the U.S. Supreme Court’s 2024 Loper Bright Enterprises v. Raimondo decision. On April 28, 2025, Stradley Ronon re‑filed its motion to dismiss, arguing that the plain text of the statute did not grant rulemaking authority related to fund liquidity and resubmitted its arguments challenging the SEC’s failure to state a claim for aiding and abetting liability against the independent trustees. Following the briefing, the SEC agreed to dismiss all charges against the independent trustees with prejudice, meaning that the SEC cannot refile the charges.     

Jan focuses her practice on assisting firms and individuals in navigating internal investigations, regulatory enforcement matters, commercial disputes and, when necessary, arbitration, mediation and trial. She also represents clients in congressional inquiries, before state regulators, and in third-party litigation.

About Stradley Ronon Stevens & Young, LLP
Counseling clients since 1926, Stradley Ronon has helped private and public companies — from small businesses to Fortune 500 corporations — achieve their goals by providing pragmatic, value-driven legal counsel. With offices coast to coast, our lawyers seamlessly address the full spectrum of our clients’ needs, ranging from sophisticated corporate transactions to complex commercial litigation.