FSA Enforcement Trends

SEC Settlement Trends

SEC Settlements

Author Bios

SEC Settlement Report and Updates

Securities Class Action Trends Reports

News Releases

Media Coverage

Securities Blog Digest

Related Links

Related Research

Researchers: Request Data

SEC Settlements Report and Updates

NERA has developed a proprietary database of settlements in SEC enforcement actions by reviewing every litigation release and administrative proceeding document published from July 31, 2002 through March 31, 2011.

Current Reports

Our latest update reviews settlement data through the end of the first half of the SEC's 2011 fiscal year. According to the report, the SEC settled with 344 defendants in 1H11, putting the agency on pace to settle with 688 defendants for the full year, compared to the 681 settlements in fiscal year 2010. The report, SEC Settlements Trends: 1H11 Update, also notes that although total SEC settlements have remained stable compared to the previous fiscal year, there has been a substantial shift in their composition. Company settlements jumped 43% to 114, on pace for 228 in FY2011, while individual settlements declined 12% to 230, an annual pace of 460. Read our 1H 2011 update.

The 10 largest settlements in 1H 2011 are shown below. We invite you to browse through the new brief as well as our previous reports, described further down the page.

click image to enlarge

_________________________________________________________________

Archived Reports

SEC Settlements Trends: 2H10 Update
By Jan Larsen with Dr. Elaine Buckberg and Dr. James A. Overdahl
The SEC settled with 694 defendants in FY 2010, the highest level since 2007 and a 14% increase over the 611 settlements in FY 2009.

SEC Settlements Trends: 1H10 Update
By Jan Larsen with Dr. Elaine Buckberg and Dr. James A. Overdahl
The SEC settled with 354 defendants in 1H 2010, compared to 328 in the second half of FY 2009 and 290 in the first half of 2009.

SEC Settlements Trends: 1Q10 Update; Settlements Jump, But Fewer Involve Financial Payments
By Jan Larsen with Dr. Elaine Buckberg and Dr. Baruch Lev

The SEC settled with 205 defendants in 1Q 2010, compared to 181 in the previous quarter and 123 in the first fiscal quarter of 2009.

Settlements Trends: 3Q09 Update; Number of Settlements Declines in Transitional FY 2009
By Jan Larsen with Dr. Elaine Buckberg and Dr. Baruch Lev

The SEC settled with 626 defendants in FY 2009, compared to 673 in fiscal year 2008. In the third calendar quarter of 2009, the SEC settled with 181 defendants, compared to 160 in the previous quarter and 216 in the third quarter of 2008.

SEC Settlements in Ponzi Scheme Cases: Putting Madoff and Stanford in Context
By Jan Larsen and Paul Hinton

Over the last six-and-a-half years, the SEC has reached settlements with over 300 defendants in cases related to alleged Ponzi schemes, including 12 settlements in cases with alleged fraud of $50 million of more. The authors summarize monetary settlements and review other mechanisms through which investor losses can be recovered.

SEC Settlements Trends: 2Q09 Update
By Jan Larsen and Dr. Elaine Buckberg

The SEC reached 335 settlements for the first six months of 2009, slightly higher than the 330 total during the same period for 2008. In the second quarter of 2009, the SEC settled with 160 defendants, compared to 175 in the previous quarter and 174 in the second quarter of 2008.

SEC Settlements Trends: 1Q09 Update
By Jan Larsen with Dr. Elaine Buckberg and Dr. Baruch Lev

The SEC reached 182 new settlements during the first three months of 2009. The Q1 tally exceeds the 123 settlements in the fourth quarter of 2008 and the 157 settlements in the first quarter of 2008.

SEC Settlement Trends: 4Q08 Update
By Jan Larsen with Dr. Elaine Buckberg and Dr. Baruch Lev

The pace of SEC settlements slowed during the fourth quarter of 2008, bringing the total to 672 for the year.

SEC Settlements: A New Era Post-SOX
By Jan Larsen with Dr. Elaine Buckberg and Dr. Baruch Lev

Our original paper, released in November 2008, provides an overview of trends we have identified in the number of settlements and settlement values in the six years since the passage of the Sarbanes-Oxley Act (SOX).