One of the most fought over quotes from football is: “Winning isn’t everything. It’s the only thing.”[FOOTNOTE 1] By its recent track record in the litigation arena, the U.S. Securities and Exchange Commission has not been in very good compliance with that maxim. This article will review some of the SEC’s litigation setbacks, and attempt to draw a few lessons for those who might be contemplating litigating matters with the proverbial 800-pound gorilla.

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