SEC Suit V. USSE Back On After Failed Settlement

By Ben James

Law360, New York (February 05, 2010, 2:17 PM ET) -- The U.S. Securities and Exchange Commission's suit accusing U.S. Sustainable Energy Corp. and its founder of perpetrating a pump-and-dump scheme will move forward, after the judge overseeing the case lifted a stay because settlement talks didn't bear fruit.

On Thursday, Magistrate Judge John M. Roper of the U.S. District Court for the Southern District of Mississippi granted a motion from the SEC seeking to have the stay lifted and allow discovery to resume.

The case was frozen in November, after the parties submitted a joint motion...
To view the full article, take a free trial now.

Already a subscriber? Click here to login

You must correct or enter the following before you can submit this form:

All fields required

  5. Required

Only Law360 gives you:

Non-stop coverage of high-stakes litigation across 30 practices

Real-time tracking and reports on 10,000+ companies, firms and industries

Over 80,000 attorney profiles with neutral data collected from active lawsuits

Research tools to find cases, court documents, attorneys and companies

Customized feeds and alerts that can easily be shared with colleagues

In-depth expert analysis from high-profile attorneys at top firms

Access to our vault with over 75,000 original articles