Atkins warns of "double-dipping"
WASHINGTON, DC – Securities and Exchange Commission (SEC) member Paul Atkins has warned against the potential for "double dipping" by investors when they receive money from both the SEC and from private law suits.
Under Section 308 of the Sarbanes-Oxley Act (the Fair Funds provision), the SEC is permitted to distribute the penalties imposed on corporations that violate securities laws as compensation to harmed investors.
However, the same investors compensated under the Fair Funds provision of Section 308 of Sarbanes-Oxley, can also bring private law suits and benefit from private securities litigation settlements under the Private Securities Litigation Reform Act (PSLRA) of 1995.
"There is a terrific
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