January 8, 2012
SEC Modifies "Neither Admit Nor Deny" Policy
The SEC's Enforcement Division announced on Friday that it would no longer allow defendants to deny liability in SEC settlements when they have admitted to or been convicted of criminal wrongdoing at the same time. This is a sensible, and minor, modification of its "neither admit nor deny" policy and would not have changed the terms of the Citigroup settlement at issue in Judge Rakoff's denial of approval.
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