Private equity investor Lynn Tilton has filed a lawsuit against the Securities and Exchange Commission, alleging that the case the regulator is pursuing against her violates Title II of the Constitution.
Tilton was accused of fraud Monday by the SEC, which said she hid the poor performance of loans to finance her portfolio companies and continued to pay fees even as interest payments were not paid on time.
“Tilton and Patriarch strongly believe that the most fair and appropriate forum for this complex, five-year-old matter is U.S. District Court, and they urged the SEC staff to bring their case in that forum,” she said in a statement.
Tilton is expected to make an appearance later today on CNBC’s Power Lunch, according to the network’s Twitter account.
The SEC declined to comment this morning when contacted by Business Insider.
More to come…