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SEC Settlement Trends: 2H12 Update
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Top Settlements
Here are the largest settlements announced by the SEC:
By Company
1. American International Group, Inc. ($800MM)
2. WorldCom, Inc. ($750MM)
3. Goldman, Sachs & Co. ($550MM)
View the full list of settlements
By Individual
1. Roys Poyiadjis ($200MM)
2. Charles R. Homa ($193MM)
View the full list of settlements
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Securities Blog Digest
Catch up on the latest securities posts from The D&O Diary,
Securities Litigation Watch, the 10b-5 Daily, and other industry
blogs. Updated weekly.
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Conduct Research Using
SEC Settlements Data
Academic researchers interested in
conducting new research using our SEC Settlements data should contact NERA Senior
Vice President
Dr. Elaine Buckberg. Selected research will be published on this website.
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Download report
Learn more about the research team:
Elaine Buckberg
Jim Overdahl
Jorge Baez
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NERA has developed a proprietary database of settlements in SEC
enforcement actions by reviewing every litigation release and administrative proceeding
document published since July 31, 2002. Our latest update reviews settlement data through
the end of the SEC's 2012 fiscal year (FY12). According to the latest report, settlements with
the SEC continued their upward trajectory, reaching 714 in FY12, the highest number since
2007. This increase in total settlements represents a 6.6% increase over the 670 SEC
settlements in fiscal year 2011 (FY11). The total number of settlements with individuals
in FY12 reached the highest level recorded since 2005, with 537 -- up 14% from 473 in FY11.
The report,
SEC Settlement Trends: 2H12 Update ,
authored by NERA Senior Vice President Dr. Elaine Buckberg, Vice President Dr. James A. Overdahl, and Senior Consultant Jorge Baez
, also notes that median settlement values for companies declined
to $1 million in FY12 from the $1.4 million observed in FY11. Consistent with the SEC's emphasis
on individual accountability, median settlement values for individuals reached a post-SOX high in FY12,
having more than doubled since 2009 from $103,000 to $221,000. The authors also find that
settlements for several categories of allegations reached new highs in FY12.
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Flash Update: 2012 Trends in Securities Class Actions
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While securities class actions in 2012 continue to be filed apace, the number of cases settled or dismissed has
plummeted to record lows, according to the latest edition of NERA's semi-annual study,
Flash Update: 2012 Trends in Securities Class Actions.
Co-authored by Senior Consultants Dr. Renzo Comolli and Svetlana Starykh,
Vice President Dr. Ronald Miller, and Consultant Sukaina Klein,
the study draws from more than 20 years of NERA research on case filings and settlements in US securities class actions.
The authors find that, by year end, 213 securities class actions are expected to have been filed in 2012; in contrast, only
152 securities class actions are expected to have resolved in the same period among both those pending resolution
at the start of the year and those filed this year. This lesser number for resolutions has caused the number of pending
cases to increase, bucking a decreasing trend that started in 2004. The number of settlements in 2012 is expected to
plummet to 92, which is 31 fewer than last year and the lowest number since 1996 (following the passage of the Private Securities Litigation Reform Act).
Read the new study.
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