To settle or to litigate? That is the question posed by a new analysis of litigated disciplinary proceedings brought by the Securities and Exchange Commission and FINRA against broker-dealers, registered representatives, and associated persons.

The choice for broker-dealers facing charges is not always so obvious, although trying to reach a settlement—and avoiding litigious entanglement with a regulatory agency—is often tempting. “Generally, when people think about the regulators, they think they won’t have any chance at all,” says Brian Rubin, a partner at Sutherland Asbill & Brennan who led the firm’s annual review [PDF] of these proceedings.

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