SEC Enforcement/Securities Litigation and D&O Insurance


Recent SEC Enforcement Developments -

.. Change in SEC policy regarding “no admissions” settlements

- SEC Chair Mary Jo White has joined with colleagues at DOJ to change the perception that U.S. companies are “too big to jail”

- SEC has made it a priority in “egregious” cases to require admissions of liability

..Recent settlements:

- SAC: agreed to plead guilty to insider trading violations and pay a $1.2 billion penalty

- JP Morgan: $200 million penalty in the London Whale case, coupled with JPM admissions of the facts underlying the SEC’s charges, and a public acknowledgement that JPM violated the federal securities laws

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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