"Judge Rakoff’s written opinion in the case included an overview of the history of regulatory settlement practices focusing on language that Wall Street firms prefer in shareholder lawsuits where they “neither admit nor deny any wrongdoing.” He contends that the result is “a stew of confusion and hypocrisy unworthy of such a proud agency as the SEC,...”
"In the final analysis the Judge believes that “all this is done at the expense, not only of the shareholders, but also of the truth.” In February 2010, the judge approved a revised $150 million settlement with the bank."
http://compliancesearch.com/compliancex/securities-and-exchange-commission-sec/federal-judge-questions-sec-settlements/
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