Vitesse To Pay $3M To Settle SEC Fraud Suit

Law360, New York (March 22, 2011, 3:34 PM EDT) -- A New York federal judge approved a consent judgment Monday in the U.S. Securities and Exchange's fraud case against Vitesse Semiconductor Corp., saying guilty pleas in a parallel criminal case mitigated serious doubts about the agency's acceptance of no-admission deals.

Judge Jed S. Rakoff of the U.S. District Court for the Southern District of New York said the current case was not the best test for his concerns but indicated that he would not be inclined to simply rubber-stamp his approval on future settlements in which...
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