SEC Beats Back Investor Challenge To $159M Disbursement

Law360, New York (October 30, 2013, 5:54 PM EDT) -- The Second Circuit ruled Wednesday that the U.S. Securities and Exchange Commission can distribute $159 million to the U.S. Treasury from the settlement of an enforcement action against seven specialist firms, finding an investor did not have standing to challenge the disbursement.

A three-judge panel said Robert Martin and his company Empire Programs Inc. lacked standing because Empire had already received a distribution from the settlement fund that “fully compensated” it for every transaction covered by the $250 million settlement in which it was identified as...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Martin v. United States Securities and E


Case Number

11-3011

Court

Appellate - 2nd Circuit

Nature of Suit

Date Filed

July 25, 2011

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.