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Court Approves SEC Settlement In Citgroup – But Questions Remain

Two cases in recent months have peered into the SEC's normally opaque charging and settlement processes and raised disturbing questions. Bank of America , resolved earlier this year took repeated hearings to secure approval of the SEC's settlement with the Bank. The case was significant,...

FCPA Settlement Day

Today, in what the FCPA Blog called "making FCPA history", the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) announced the agreement by the Global logistics firm Panalpina and the energy companies Shell, Transocean, Tidewater, Noble and Pride International...

FCPA Settlement Day: DOJ Guidance on the Best Practices of a Corporate Compliance Program

In what the FCPA Blog termed a day of making history "for the most companies to simultaneously settle FCPA-related violations, [the] Global logistics firm Panalpina and five of its oil-and-gas services customers resolved charges with the DOJ and SEC, and another customer settled with the SEC...

The Battle Lines are Drawn over the Citigroup Settlement

The battle lines have been drawn over the proposed settlement in the SEC's action against Citigroup Global Markets, Inc. SEC v. Citigroup Global Markets, Inc., Civil Action No. 1:11-cv-07387 (S.D.N.Y.) ( here ). Judge Rakoff entered an order posing a series of questions to the parties ( here ...

A Very High Stakes Gamble

The SEC and Judge Rakoff are squaring off in what can only be viewed as a very high stakes game of poker. At the center of the battle is the question of whether Judge Rakoff acted within his discretion in refusing to enter the settlement the Commission negotiated with Citigroup Global Markets, Inc...

Neither Admit Nor Deny Is Not the Issue in SEC Settlements

The SEC's long established settlement practice of resolving enforcement actions without requiring an admission of liability - that is, on a neither admit nor deny basis - came under scrutiny again last week. On May 17, 2012 a House Committee held hearings on the question. Earlier in the week...

Class Actions: Fewer Settlements, More Dollars

Securities class actions settlements reached a 14 year low last year in terms of the number of cases resolved, according to a new report from Cornerstone Research ( here ). Nevertheless, the total dollars paid in those settlements more than doubled compared to the prior year. In 2012 the total amount...

Settlement Trends in Securities Class Actions

The future of securities class actions may hinge on the decision of the Supreme Court in Halliburton Co. V. Erica P. John Fund, Inc., No. 13-317 which is expected to be handed down by the end of the current term on June 30, 2014 ( here ) [ lexis.com subscribers may access Supreme Court briefs for this...