Wachtell Lipton Discusses SEC Penalties: Getting Tougher, and Remembering Some History

In a recent speech, Andrew Ceresney, the co-director of the SEC’s Division of Enforcement, suggested that the monetary penalties imposed by the SEC should grow to reflect the size of the relevant companies and transactions.  According to press reports, he observed that “Ten years ago we would not have been speaking about $10 billion transactions or billions in income in a quarter and now we are. . . .  I sometimes worry that, given the profits of companies and banks, penalties cannot be at a level that would meaningfully impact their bottom line in a way that will deter misconduct.”… Read more

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