The SEC's New Policy Requiring Admissions of Wrongdoing: What Are the Implications?

by Kevin LaCroix On August 19, 2013, in connection with its entry into a settlement with New York-based hedge fund adviser Phillip Falcone and his advisory firm Harbinger Capital Partners, the SEC for the first time implemented its new policy requiring defendants seeking to settle civil enforcement...

Should Wall St. Firms Admit Liability in SEC Settlements?

An important appeals court this month has us all talking again about SEC settlements with big banks. Several years ago a lower court rejected a $285 million settlement with Citibank over alleged misleading claims in the mortgage business. The federal judge reviewing the settlement said it was not “fair...