News & Analysis as of

Settlement Admissions of Liability

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

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

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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