Saturday, December 24, 2011
Second Judge Rejects an SEC Settlement
After Judge Rakoff’s rejection of the SEC’s proposed settlement with Citigroup, a Milwaukee federal judge has questioned another SEC settlement. U.S. District Judge Rudolph Randa rejected the settlement with Koss Corp., a headphone manufacturer accused of accounting fraud, saying that the settlement was too vague and that more facts were needed.
The SEC has been working to hold accountable those responsible for corporate wrongdoing--including a suit brought last week against former executives of Fannie Mae and Freddie Mac--but the Commission has said that it is hindered by the lack of adequate resources to properly handle its vast regulatory responsibilities.
Read the entire article, “Federal Judge Questions SEC Settlement"
Read our earlier post on Judge Rakoff’s decision, “Federal Judge Rejects Citigroup Settlement- More Accountability Needed"
Posted by eithurburn on 12/24 at 12:48 PM
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