SEC Suit V. USSE Back On After Failed Settlement

Law360, New York (February 5, 2010, 2:17 PM EST) -- 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, register now.