SEC Offers Cosmetic Changes To No Admit, No Deny Deals
Law360, New York (January 6, 2012, 3:23 PM EST) -- Although the U.S. Securities and Exchange Commission announced Friday that it will no longer let defendants who have already admitted to or been convicted of criminal offenses settle parallel civil cases without admitting guilt, the change does little to address deeper concerns over no admit, no deny settlements in general, attorneys say.
On Friday, Robert Khuzami, the SEC's enforcement director, said that the change to its settlement policy would apply only to a minority of cases where there is a concurrent criminal judgment or settlement.
Under the new adopted policy, the SEC will include facts from any criminal conviction, nonprosecution or...
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