SEC lacked jurisdiction to rule on fraud claims in takeover of The Medical City CA By VIRGIL LOPEZ, GMA News
Published February 18, 2021 8:58pm The Court of Appeals (CA) has ruled that the Securities and Exchange Commission (SEC) had no authority to decide on allegations of fraud in the takeover of The Medical City (TMC). In a ruling dated February 11, the CA Special 15th Division said the matter should be decided by the trial court as it partially granted the petitions filed by the groups that had acquired a substantial stake in the Professional Services Inc. (PSI), which operates TMC’s hospitals and clinics nationwide.