Securities Litigation

Five years after the SEC brought charges that cost two fund executives their jobs, the U.S. First Circuit overturned the sanctions, chiding the SEC for misreading critical evidence, lacking substantial evidence for its findings and disregarding its own Chief ALJ's opinion. The case illustrates the extraordinary burden respondents in SEC administrative actions must carry before getting a shot at vindication in the Courts. On September 30, 2010, the SEC instituted administrative proceedings charging two State Street executives involved with Limited Duration Bond Fund with ...