Neither Admit Nor Deny Settlements

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SEC Chairman Ready to Deploy the Agency's "Full Enforcement Arsenal"

SEC Chairman Mary Jo White again made her stance on aggressive enforcement clear during her recent speech to the Council of Institutional Investors in Chicago. Speaking to a room full of investors, Ms. White outlined the...more

Looking Past The Labels: Bank’s Disgorgement Payment To SEC Not Necessarily Excluded From D&O Coverage

In 2006, Bear Stearns agreed to a $250 million “neither admit nor deny” settlement with the SEC to settle charges that it facilitated late trading and deceptive market timing by its hedge fund customers....more

Litigation: The expanded role of courts in settling government investigations - A growing number of federal judges are closely...

Government investigations of companies typically end in settlements. These may be civil in nature, in which companies commonly agree to pay money and take remedial measures to deter and prevent the misconduct that the...more

Recent Notable Industry Developments

Following SEC Chair Mary Jo White’s recent remarks suggesting a change to the SEC’s long-standing policy of permitting defendants to settle cases “without admitting or denying” the SEC’s allegations of wrongdoing,...more

The SEC's New Policy on Seeking Admissions in Settlements

On June 18, 2013, in comments to the Wall Street Journal CFO Network Conference in Washington, D.C., SEC Chairman Mary Jo White announced that the Securities and Exchange Commission will begin to press for admissions of...more

SEC Plans To Alter Policy On Seeking Admissions

On June 18, numerous media outlets reported that SEC Chair Mary Jo White indicated that the SEC will shift its policy toward extracting admissions from parties facing allegations of wrongdoing as a condition of resolving...more

SEC Modifies Its "Neither Admit Nor Deny" Policy in Enforcement Actions

For many years, the Securities and Exchange Commission (SEC) has permitted defendants in enforcement actions to settle actions by entering into settlement agreements in which the defendants neither admitted nor denied the...more

SEC’s Shift in No-Admit-or-Deny Policy Would Create Dilemma for Defendants if Applied in Close Cases

Last Tuesday, new SEC Chairman Mary Jo White said at The Wall Street Journal’s annual CFO Network Event that the SEC “in certain cases” will seek admissions of liability as part of settlements. The statement made headlines,...more

SEC Will Seek Admissions of Fault to Settle Some Cases

On June 18, the Securities and Exchange Commission (“SEC”) announced that it intends to make companies and individuals admit wrongdoing as a condition of settling civil charges in certain cases, or be forced to fight the...more

SEC Announces Policy Shift on ‘Neither Admit Nor Deny’ Settlements

Earlier this week, the Securities and Exchange Commission (SEC) announced a policy shift concerning settled enforcement actions. The SEC has indicated that certain defendants will have to admit wrongdoing as a condition of...more

The Financial Report - Volume 2, No. 12 • June 20, 2013

Discussion and Analysis - Earlier this week, US Securities and Exchange Commission Chairman Mary Jo White informed the SEC’s Enforcement Division staff that the SEC will begin requiring defendants to admit guilt in...more

SEC Buys Itself a Headache

If you’re reading this, you’re surely aware of the several-years-old-now fight between the SEC and some federal judges regarding the SEC’s policy of settling cases while allowing defendants to neither admit nor deny the...more

Spitzer "Disappointed" in Wall Street's Regulators [Video]

June 19 (Bloomberg Law) -- Eliot Spitzer, former Governor and Attorney General for the State of New York, talks with Bloomberg Law's Lee Pacchia about the so-called revolving door between the public and private spheres. While...more

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