2nd Circ. Upholds Standard For SEC Debarment Of Officers

Law360, New York (May 14, 2013, 2:22 PM EDT) -- The Second Circuit on Tuesday upheld an 18-year-old precedent for determining when the U.S. Securities and Exchange Commission may bar a fraud defendant from serving as an officer or director of a public company, affirming a former Takeda Pharmaceuticals International Inc. executive’s ouster.

A three-judge panel said a New York federal court was correct to bar Brent C. Bankosky from serving as an officer or director for 10 years as part of his $136,000 insider trading settlement in February 2012. In deciding whether Bankosky was fit...
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