Judge In Koss Suit The Latest To Challenge SEC Deals

Law360, New York (December 22, 2011, 1:28 PM EST) -- A federal judge in Milwaukee on Wednesday was the latest to challenge a U.S. Securities and Exchange Commission settlement, this time asking the agency's attorneys a series of pointed questions regarding a more than $242,000 settlement with Koss Corp. CEO Michael J. Koss.

U.S. District Judge Rudolph T. Randa said that the SEC did not provide adequate information to approve its settlement of allegations that Koss's lax oversight allowed a now-imprisoned accountant to steal $34 million from the headphone manufacturer.

“The court requests that the SEC...
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