"In this court's view, it is both counterintuitive and incongruous for defendants in this SEC enforcement action to agree to settle a case for $600 million that would cost a fraction of that amount, say $1 million, to litigate, while simultaneously declining to admit the allegations asserted against it by the SEC," Southern District Judge Victor Marrero wrote.
April 18, 2013 at 12:00 AM
1 minute read
A federal judge in Manhattan on April 16 conditionally approved a $602 million insider trading settlement that SAC Capital Advisors reached with the Securities and Exchange Commission last month (NYLJ, March 18).
But in his opinion, Southern District Judge Victor Marrero became the latest judge to raise concerns over the SEC’s practice of allowing defendants to settle enforcement actions without admitting or denying the underlying allegations.
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