News & Analysis as of

Admissions of Liability

Conn Kavanaugh

Can a “Benevolent Gesture” become an Admission of Liability?

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One of the golden rules that we are taught as children is to apologize when we have hurt or wronged someone. And while the words “I’m sorry” do not mitigate the actual harm done, we understand that they can go a long way in...more

Robinson+Cole Class Actions Insider

Tendering Full Relief to Moot a Class Action: It’s Still Possible in Illinois

When a business is sued in a proposed class action and there is only a small amount at stake on the named plaintiff’s claim, often one of the first thoughts that comes to mind is: can’t we just pay the full value of the named...more

A&O Shearman

Delaware Court Of Chancery Dismisses Caremark Claim, Finding Consumer Class Action Settlement Was Not A "Red Flag" For Consumer...

A&O Shearman on

On July 29, 2019, Chancellor Andre G. Bouchard of the Delaware Court of Chancery dismissed a stockholder derivative action asserting breaches of fiduciary duty claims against the directors of J.C. Penney Company, Inc. for...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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

Dorsey & Whitney LLP

SEC Obtains Admissions in Settlement With Grant Thornton

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

Dorsey & Whitney LLP

SEC Demands Admissions For Compliance Failures

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

WilmerHale

PCAOB Announces First Settled Order with Admissions

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

Mintz - Securities & Capital Markets...

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

Cozen O'Connor

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

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

Mintz - Securities & Capital Markets...

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

McDermott Will & Emery

Judge Ends Indirect Purchaser Plaintiffs’ Case in Refrigerant Compressors

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

Katten Muchin Rosenman LLP

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

Holland & Knight LLP

SEC Requires First Admission of Wrongdoing Under Revised Settlement Policy

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

Foley & Lardner LLP

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

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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