'Neither Admit Nor Deny': Practical Implications of SEC's New Policy

, New York Law Journal

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In his Corporate Securities column, John C. Coffee Jr., the Adolf A. Berle Professor of Law at Columbia University Law School, writes: In the recent debate over the SEC's enforcement policy, many commentators have claimed that an admission in an SEC settlement would result in either offensive collateral estoppel in follow-on securities class actions, or an admission that could be presented to the jury in a way that would make the case indefensible. The first conclusion is simply wrong, and the second is doubtful.

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