|
_____________ |
|
|
|
_____________ |
| _____________ |
| SEC Settlement Trends: Overview 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 September 30, 2008. This section of NERA's website on Securities Litigation Trends provides in-depth data and analysis relating to SEC settlements in federal court cases and administrative proceedings. We present 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). We invite you to browse through different sections of the settlements data, and to download the SEC Settlements Report. Through the Search Settlement Documents area, you can access a database of the documents relating to each settlement, searchable by allegation type, date, and defendant.
click image to enlarge
The SEC often discloses the amount of its settlements attributable to civil penalties, disgorgement, pre-judgment interest, and amounts waived. In cases where the SEC had provided this level of detail on the settlements, 43% of company penalties have been in the form of disgorgement, with 57% being civil penalties (see chart, above). On the other hand, disgorgement comprises 88% of individual penalties. An interpretation of this result may be that the desire to deter repeat offenses (via civil penalties) is a larger consideration in company penalties, while individual penalties are mainly intended to prevent unjust enrichment.
|
