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ARTICLE · 25 JUNE 2014

SEC V. Citigroup And No-Contest Settlements

Miller Thomson
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The recent decision by the United States Court of Appeals for the Second Circuit has implications for Ontario’s new "no-contest" settlement policy.

CanadaCorporate/Commercial Law
Caleb Edwards
Caleb Edwards
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The recent decision by the United States Court of Appeals for the Second Circuit, SEC v. Citigroup, has implications for Ontario's new "no-contest" settlement policy.  The Second Circuit overturned Judge Rakoff's decision in the Citigroup case and confirmed that "no-contest" settlements are permissible – even where they appeared to allow a defendant to simply pay a fine and escape a finding of liability.

In March, the Ontario Securities Commission (OSC) released Staff Notice 15-702 Revised Credit for Cooperation Program.  The new policy includes provisions permitting Staff of the OSC to enter into settlements with respondents who agree not to contest staff's allegations.  Judge Rakoff's decision was a touchstone for those who were critical of "no-contest" settlements.

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