John C. Coffee Jr., the Adolf A. Berle Professor of Law at Columbia University Law School and Director of its Center on Corporate Governance, writes: With Southern District Judge Jed Rakoff's blistering decision on Monday, rejecting the proposed settlement between the SEC and Bank of America Corporation, two key questions come to the fore: (1) Will this decision change SEC enforcement practices, which today invite corporate executives to purchase immunity for themselves with their shareholders' money?; and (2) Who is minding the store at the SEC so as to enable its litigators to shoot themselves in both feet? The positions taken by the SEC's staff in defending this settlement could haunt the SEC for years.
The End of Phony Deterrence? 'SEC v. Bank of America'
New York Law Journal
September 17, 2009
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