Barry Pollack Quoted Regarding Impact of Second Circuit's Overruling on Settlement Policy in Global Investigations Review

"US Second Circuit judgment 'lost impact'"
Global Investigations Review
06.05.14Barry Pollack was quoted regarding the Second Circuit's overruling of Judge Rakoff's decision declining to approve a settlement reached by the Securities and Exchange Commission (SEC) in an enforcement action. Judge Rakoff, of the Southern District of New York, rejected the settlement as not being in the public's interest. Rakoff's decision in 2011 seems to have had the desired effect, Pollack said. "Regardless of what level of scrutiny district courts provide to SEC settlements in the wake of the Second Circuit's opinion, Judge Rakoff's opinion has already had the effect of causing the SEC itself to re-think its settlement policy," he said.
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