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COMMON SENSE
S.E.C. Has a Message for Firms Not Used to Admitting Guilt
By JAMES B. STEWART
Published: June 21, 2013
The days of cop-out settlements in big securities cases may be
waning.
In a departure from long-established practice, the
recently confirmed chairwoman of the Securities
and Exchange Commission, Mary Jo White, said
this week that defendants would no longer be
allowed to settle some cases while neither
admitting nor denying wrongdoing.
In the interest of public accountability, you need
admissions in some cases, Ms. White told me.
Defendants are going to have to own up to their
conduct on the public record, she said. This wil l
help with deterrence, and its a matter of
strengthening our hand in terms of enforcement.
In a memo to the S.E.C. enforcement staff
announcing the new policy on Monday, the
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S.E.C. to Require Admissions of Guilt: In some settlement cases,
the Securities and Exchange Commission will now demand that
defendants go beyond the
current neither admit nor deny standard.
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S.E.C. Has a Message for Firms Not Used to Admitting Guilt -
NYTimes.com
http://www.nytimes.com/2013/06/22/business/secs-new-chief-promises-tougher-line-on-cases....
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