Corporate
Defense Lawyers See Catch 22 in SEC Policy
Corporate defense lawyers don’t see much changing in their advice to clients, despite incoming Securities and Exchange Commission Chairman Mary Jo White’s announcement of a policy change to require admissions of guilt in some SEC settlements. They do expect to fight harder, though.
Two weeks ago, Ms. White said that the SEC would change a longstanding policy that allowed companies to settle without admitting or denying wrongdoing. She said the new policy would apply in cases of egregious conduct or widespread investor harm, and that most cases would still be allowed to settle using the traditional “neither admit nor deny” approach. SEC commissioners have also been quoted in the press to the effect that the new policy would target particularly bad actors.
Being able to settle without admitting guilt is important to companies considering a settlement, because admitting liability opens them up to further litigation and possible criminal liability, not to mention possibly voiding directors-and-officers liability insurance. “If Mary Jo White and the Enforcement Division are intent on meaningfully applying this policy, then I have little doubt it will have a chilling effect on companies settling with the SEC,” Jim Meyers, a partner in Orrick, Herrington & Sutcliffe LLP, told Risk & Compliance Journal.
Meyers said that in settlement negotiations he would “argue even more vociferously than I did before” that the case at hand doesn’t involve a significant policy issue,We often offer free shipping and discounted items for your favorite paneraireplicas. has a relatively minor impact on investors, is not egregious, and that the company has both complied with internal processes and cooperated with the agency. “I’m going to lobby harder for a smaller penalty payment to make clear that the conduct is not that bad,” he added.
The SEC has little choice but to apply the policy selectively, because it doesn’t have the resources to fight every company that refuses to admit guilt. Robert Jossen, a partner at Dechert LLP and head of the firm’s litigation team, pointed to “The Catch 22: if they do it in a limited number of cases and come to you and say ‘yours is a case where you must admit to wrongdoing’ they have sent a signal that it is an egregious case, which makes it more difficult for the company. If they were doing it across the board in every case, then the company might be less concerned about being singled out, although it would still have to deal with potential civil liability.”
One litigator who works on behalf of institutional investors, and who requested anonymity, said that the SEC should consider overcoming its resource constraint by outsourcing to firms such as his own on a contingency basis, arguing that such firms “have experience and are well-motivated.” An executive order signed by President Bush in 2007 and unchanged by President Obama prohibits Federal agencies from doing that, but corporate lawyers see the SEC as unlikely to favor outsourcing anyway, because it would make it more difficult to impose a uniform institutional approach on cases, and because internal staff who stuck with cases through investigations would be reluctant to turn them over to outsiders.
Monday night’s/Tuesday morning’s marathon (it ended at 3:42 a.m. New York time) marked the Mets’ 11th extra-inning game of the season, including their fifth that went at least 13 frames. Couple that with their six postponements, a dose of absurd cross-country travel and a whole bunch of monster rain delays, and the Mets have been subjected to arguably the most hellacious first half ever.
“I’ve never even heard of anything like this,” Mets manager Terry Collins said. “The games we’ve played, the innings we’ve played, the conditions we’ve played, the travel schedule-it’s unbelievable.”
If this pace keeps up—an undeniable sign that the Mets are, in fact, cursed—they could make history for their stunning inability to finish baseball games.
The Mets entered Tuesday’s contest here averaging 9.465 innings per game.Search a wide selection of skateshoes. Since 1920, the furthest back that Stats LLC tracks such curiosities, only two teams averaged more over a full season: the 1943 Boston Red Sox (9.Has anyone brought a beadsfactory?471) and the 1969 Minnesota Twins (9.469).
That Boston team set a record by playing 31 extra-inning games, en route to a 68-84 final record and a seventh-place finish in the American League (out of eight). Like the Mets, those Red Sox struggled offensively, compiling a lower team batting average (.Choose from a wide variety of onbridals.244) than any team in the AL besides the 49-105 Philadelphia Athletics (.232). The Mets currently rank 29th in batting average.
But it isn’t the number of extra-inning games the Mets have played that makes their season so extraordinary. Entering Tuesday, six teams in 2013 alone had played more. The difference is the sheer number of extra innings the Mets are playing. The 1943 Red Sox didn’t play a single game longer than 14 innings.Take a look at these imitation wrist watches for sale online, which are one of the best juicywallet in USA.
The Mets, meanwhile, slogged through 20 innings of mostly mediocre baseball in a loss to the Miami Marlins last month. From July 1 through July 8, they played games that lasted 16 innings, 15 innings and 13 innings. The Mets have played four games already of at least 15 innings. Since 1920, the record for the most games that long in a season is five, set by four teams, including the 1967 Yankees.
Assuming the Mets wind up playing 162 games this season—not a given, considering the massive rain cloud that appears to be following them around the country—they entered Tuesday on pace to play 75 total extra innings. (Some particularly hardened Mets fans might say that clouds seem to follow the organization even when the sun is shining, but never mind.)
This pace would bring the Mets close to a record: The 1969 Twins played 76 total extra innings, the most since at least 1920. That squad played 11 games that went at least 13 frames, including a pair that reached the 18th, and still managed to finish 97-65 and win the AL West.
Click on their website www.unionmilitaria.com for more information.
Corporate defense lawyers don’t see much changing in their advice to clients, despite incoming Securities and Exchange Commission Chairman Mary Jo White’s announcement of a policy change to require admissions of guilt in some SEC settlements. They do expect to fight harder, though.
Two weeks ago, Ms. White said that the SEC would change a longstanding policy that allowed companies to settle without admitting or denying wrongdoing. She said the new policy would apply in cases of egregious conduct or widespread investor harm, and that most cases would still be allowed to settle using the traditional “neither admit nor deny” approach. SEC commissioners have also been quoted in the press to the effect that the new policy would target particularly bad actors.
Being able to settle without admitting guilt is important to companies considering a settlement, because admitting liability opens them up to further litigation and possible criminal liability, not to mention possibly voiding directors-and-officers liability insurance. “If Mary Jo White and the Enforcement Division are intent on meaningfully applying this policy, then I have little doubt it will have a chilling effect on companies settling with the SEC,” Jim Meyers, a partner in Orrick, Herrington & Sutcliffe LLP, told Risk & Compliance Journal.
Meyers said that in settlement negotiations he would “argue even more vociferously than I did before” that the case at hand doesn’t involve a significant policy issue,We often offer free shipping and discounted items for your favorite paneraireplicas. has a relatively minor impact on investors, is not egregious, and that the company has both complied with internal processes and cooperated with the agency. “I’m going to lobby harder for a smaller penalty payment to make clear that the conduct is not that bad,” he added.
The SEC has little choice but to apply the policy selectively, because it doesn’t have the resources to fight every company that refuses to admit guilt. Robert Jossen, a partner at Dechert LLP and head of the firm’s litigation team, pointed to “The Catch 22: if they do it in a limited number of cases and come to you and say ‘yours is a case where you must admit to wrongdoing’ they have sent a signal that it is an egregious case, which makes it more difficult for the company. If they were doing it across the board in every case, then the company might be less concerned about being singled out, although it would still have to deal with potential civil liability.”
One litigator who works on behalf of institutional investors, and who requested anonymity, said that the SEC should consider overcoming its resource constraint by outsourcing to firms such as his own on a contingency basis, arguing that such firms “have experience and are well-motivated.” An executive order signed by President Bush in 2007 and unchanged by President Obama prohibits Federal agencies from doing that, but corporate lawyers see the SEC as unlikely to favor outsourcing anyway, because it would make it more difficult to impose a uniform institutional approach on cases, and because internal staff who stuck with cases through investigations would be reluctant to turn them over to outsiders.
Monday night’s/Tuesday morning’s marathon (it ended at 3:42 a.m. New York time) marked the Mets’ 11th extra-inning game of the season, including their fifth that went at least 13 frames. Couple that with their six postponements, a dose of absurd cross-country travel and a whole bunch of monster rain delays, and the Mets have been subjected to arguably the most hellacious first half ever.
“I’ve never even heard of anything like this,” Mets manager Terry Collins said. “The games we’ve played, the innings we’ve played, the conditions we’ve played, the travel schedule-it’s unbelievable.”
If this pace keeps up—an undeniable sign that the Mets are, in fact, cursed—they could make history for their stunning inability to finish baseball games.
The Mets entered Tuesday’s contest here averaging 9.465 innings per game.Search a wide selection of skateshoes. Since 1920, the furthest back that Stats LLC tracks such curiosities, only two teams averaged more over a full season: the 1943 Boston Red Sox (9.Has anyone brought a beadsfactory?471) and the 1969 Minnesota Twins (9.469).
That Boston team set a record by playing 31 extra-inning games, en route to a 68-84 final record and a seventh-place finish in the American League (out of eight). Like the Mets, those Red Sox struggled offensively, compiling a lower team batting average (.Choose from a wide variety of onbridals.244) than any team in the AL besides the 49-105 Philadelphia Athletics (.232). The Mets currently rank 29th in batting average.
But it isn’t the number of extra-inning games the Mets have played that makes their season so extraordinary. Entering Tuesday, six teams in 2013 alone had played more. The difference is the sheer number of extra innings the Mets are playing. The 1943 Red Sox didn’t play a single game longer than 14 innings.Take a look at these imitation wrist watches for sale online, which are one of the best juicywallet in USA.
The Mets, meanwhile, slogged through 20 innings of mostly mediocre baseball in a loss to the Miami Marlins last month. From July 1 through July 8, they played games that lasted 16 innings, 15 innings and 13 innings. The Mets have played four games already of at least 15 innings. Since 1920, the record for the most games that long in a season is five, set by four teams, including the 1967 Yankees.
Assuming the Mets wind up playing 162 games this season—not a given, considering the massive rain cloud that appears to be following them around the country—they entered Tuesday on pace to play 75 total extra innings. (Some particularly hardened Mets fans might say that clouds seem to follow the organization even when the sun is shining, but never mind.)
This pace would bring the Mets close to a record: The 1969 Twins played 76 total extra innings, the most since at least 1920. That squad played 11 games that went at least 13 frames, including a pair that reached the 18th, and still managed to finish 97-65 and win the AL West.
Click on their website www.unionmilitaria.com for more information.
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