News & Analysis as of

Admissions of Liability

Fifth District Appellate Court Reverses Defense Verdict, Remands for New Trial on Issue of Damages

by Williams Venker & Sanders on

Larry Claro v. Shirley Ann DeLong, 2016 IL App (5th) 150557 (August 31, 2016). The Fifth District Appellate Court recently reversed a St. Clair County jury verdict in favor of the defendant and remanded the case to the...more

SEC Requires Admissions To Settle Another Blue Sheet Case

by Dorsey & Whitney LLP on

Blue sheets are an important tool for the SEC. Named for the fact that the form at one time was printed on blue paper, the information request requires the immediate production of key information regarding a securities...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

This was the period of admissions. The SEC secured admissions in three actions over the period with beginning the week of Thanksgiving and continuing into the beginning of December. Cases filed during the period include: A...more

SEC Obtains Admissions in Settlement With Grant Thornton

by Dorsey & Whitney LLP on

The SEC filed its third action in recent weeks in which admissions of fact were required as part of the settlement process. In this instances the firm also admitted its conduct violated the federal securities laws. In the...more

SEC Demands Admissions For Compliance Failures

by Dorsey & Whitney LLP on

When the Commission adopted its policy of requiring admissions to settle certain enforcement actions no bright line test was created. Rather, an array of facts were to be assessed on an individual, case-by-case basis....more

PCAOB Announces First Settled Order with Admissions

by WilmerHale on

Last week, the Public Company Accounting Oversight Board (PCAOB) joined the list of regulators who will, in certain circumstances, seek admissions of liability from audit firms and individuals in settlements. Although the...more

Health Alert (Australia) - June 15, 2015

by DLA Piper on

In This Issue: - Judgments; Legislation; and Reports. - Excerpt from Judgements: New South Wales. O'Sullivan v Medical Council of New South Wales [2015] NSWCATAD 113 The New South Wales Civil and...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

by DLA Piper on

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

by Cozen O'Connor on

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

Judge Ends Indirect Purchaser Plaintiffs’ Case in Refrigerant Compressors

by McDermott Will & Emery on

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

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

by Katten Muchin Rosenman LLP on

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

by Holland & Knight LLP on

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

by Archer Norris PLC on

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

by Foley & Lardner LLP on

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

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