Client Alert

Second Circuit Defers to SEC in Determining How to Distribute Funds Under Sarbanes-Oxley

October 16, 2006

Keith W. Miller and Chris Cobb

On October 2, 2006, the Second Circuit Court of Appeals issued a far-reaching decision that clears the way for the Securities
and Exchange Commission to exercise broad discretion in developing plans for the distribution of civil penalties in addition to disgorgement funds among investors injured by securities violations.

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