Admissions of Liability

News & Analysis as of

District Court Confirms “Neither Admit Nor Deny” Settlements Applying Citigroup Factors

In March 2013, the SEC requested that Judge Victor Marrero of the United States District Court for the Southern District of New York approve consent judgments as to CR Intrinsic and CR Intrinsic Investments, LLC; S.A.C....more

Second Circuit Upholds "Neither Admit Nor Deny"

On June 4, 2014, the United States Circuit Court for the Second Circuit endorsed the Securities and Exchange Commission's practice of settling enforcement cases on a "neither admit nor deny" basis. In its order issued in SEC...more

Five Questions and Answers About the Second Circuit’s SEC v. Citigroup Decision

Last week we posted a summary of the Second Circuit’s decision in SEC v. Citigroup Global Markets, Inc. This week, as a follow-up, we pose the following five “yes or no” questions and provide responses as a way to further...more

Second Circuit upholds broad SEC settlement powers - for potential defendants, 3 key points

The United States Court of Appeals for the Second Circuit has found that Judge Jed S. Rakoff of the District Court for the Southern District of New York abused his discretion in refusing to approve a settlement between the...more

The Second Circuit Confirms the SEC’s Ability to Settle Without Requiring Admissions of Wrongdoing

In November 2011, Judge Jed Rakoff of the Southern District of New York ignited a firestorm of commentary and concern among the securities bar by declining to approve a settlement between the SEC and Citigroup in which the...more

The SEC’s (New) Admissions Policy: Questions and Consequences

Nearly a year has passed since the SEC announced that it would require admissions of wrongdoing as a condition of settling SEC charges in certain cases. Perhaps it can no longer be called a “new” policy. But lawyers are still...more

SEC’s “Neither Admit nor Deny” Settlements Continue to Draw Controversy

Recently, Judge Harold Baer of the U.S. District Court for the Southern District of New York reluctantly approved the SEC’s “neither admit nor deny” insider trading settlement with Ronald Dennis, a former analyst with CR...more

Judge Ends Indirect Purchaser Plaintiffs’ Case in Refrigerant Compressors

Last week, on April 8, 2014, the District Court for the Eastern District of Michigan dismissed the remaining claims of indirect purchaser plaintiffs (IPPs) in the ongoing Refrigerant Compressors litigation. In re:...more

“Neither Admit nor Deny” Settlements at the SEC

In January 2012, the SEC announced that it would vary from its well-established practice of settling with defendants and respondents on a neither admit nor deny basis. The change has affected only matters in which defendants...more

Admissions of Wrongdoing in SEC Settlement Lead to Ban From Managing Any New York Licensed Insurer

The New York State Department of Financial Services (DFS) recently announced that hedge fund advisor Philip Falcone (Falcone), and all employees of his firm Harbinger Capital Partners (Harbinger Capital), are banned for seven...more

SEC Requires First Admission of Wrongdoing Under Revised Settlement Policy

On August 19, 2013, the SEC announced that it settled with a hedge fund and its manager (the defendants) and required them to admit wrongdoing. In the consent, the defendants admit to a series of facts, including that the...more

Trial Puts The Brakes On Admitted Liability Case

Any day you get served with a lawsuit is not a good day for your business. By taking immediate action and an active defense role, we increase our clients’ chances of achieving the best possible outcome, as the following case...more

Does Your Director Have A Guilty Conscience? SEC To Press For More Admissions

Some of the SEC’s enforcement targets are no longer in denial, or at least they won’t be if a recent policy shift at the regulator takes hold. ...more

ICE’s Attempt to Elicit Admission of Liability in Form I-9 Settlement Agreements Fails

Disputes between employers and U.S. Immigration and Customs Enforcement (ICE) are heard by the U.S. Department of Justice’s Office of the Chief Administrative Hearing Officer (OCAHO), which rules on issues arising under the...more

14 Results
|
View per page
Page: of 1