SEC under fire over no-fault settlement agreements
The SEC’s practice of fining financial institutions for wrongdoing while not seeking an admission or denial of guilt is regularly criticised as not being a strong enough deterrent for rogue behaviour. At first glance it seems ethically wrong, but practically, does it make sense?
Ten years ago, the pushback began against the practice of arranging cash settlements – often with no admission of guilt – between regulators and companies that had broken the rules.
In 2003 Federal judge Jed Rakoff of the US District Court in Manhattan refused to approve a $500 million settlement between the Securities and Exchange Commission (SEC) and collapsed telecoms company WorldCom. The
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