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SEC Changes Policy For Some Settlements

The Securities and Exchange Commission (SEC) announced it will change its policy of allowing companies and individuals to “neither admit nor deny” wrongdoing in a civil case brought by the SEC when the same entities and individuals have admitted wrongdoing in related criminal cases brought by authorities such as the Department of Justice. The SEC only files civil charges.

The change in policy comes after a federal judge recently threw out a settlement between the SEC and Citigroup, in part, because Citigroup was permitted to neither admit nor deny the SEC’s charges. The new policy, which is effective immediately, will not apply to the Citigroup settlement or any case in which the company or individual does not admit guilt, or is not convicted, in a related criminal case.

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