SEC To Seek More Admissions Of Guilt In Settlements
Law360, Los Angeles (June 18, 2013, 11:41 PM EDT) -- U.S. Securities and Exchange Commission Chairman Mary Jo White reportedly reiterated on Tuesday a recently announced change to the agency's controversial no-admit, no-deny policy, in which defendants will be required to admit guilt in order to settle some civil lawsuits.
The potentially groundbreaking policy change, of which the SEC informed its enforcement team in a Monday letter, comes in the wake of federal judges criticizing the SEC for allowing major financial institutions to settle massive litigation without admitting or denying any wrongdoing.
"We are going to, in certain cases, be seeking admissions going forward,” White said at the Wall Street Journal's...
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