97:"), which found in favor of the SEC, affirming its right to discriminate between classes of investors, here discriminating in favor of investors who recovered less in bankruptcy court, and against those who received more.
82:, and were not distributed by the SEC to investors who were injured by the securities fraud. SOX gave the SEC the right to distribute civil penalties to defrauded investors, at its discretion.
195:
21:
40:
Fair Funds hold money recovered from an SEC case, then choose how to distribute the money to defrauded investors, and does so, then terminates.
68:
205:
78:
Prior to
Sarbanes–Oxley, civil penalties obtained by the SEC based on actions under the securities laws were paid to the
147:
Current SEC Rules of
Practice and Rules on Fair Fund and Disgorgement Plans (January 2006; corrected March 2006)
200:
28:(returns of wrongful profits) and penalties (fines) to defrauded investors. Fair Funds were established by the
64:
29:
79:
87:
Official
Committee of Unsecured Creditors of WorldCom, Inc. v. Securities and Exchange Commission,
25:
189:
176:
72:
48:
156:
163:
145:
52:
165:
It Isn't What It Used To Be, But the SEC Still
Protects Shareholder Interests
175:
Larsen, Jan; Buckberg, Elaine; Lev, Baruch (January 2009),
178:United States: SEC Settlements: A New Era Post-SOX
132:
8:
45:Kokesh v. Securities and Exchange Commission
119:
51:is considered a penalty, and therefore a
162:Richardson, Robert G.; Mack, Jeremy S.,
196:U.S. Securities and Exchange Commission
106:
22:U.S. Securities and Exchange Commission
114:
112:
110:
85:Important caselaw in this regard was
7:
63:Fair Funds were established by the
135:, footnote 9 and references there)
14:
133:Larsen, Buckberg & Lev 2009
89:467 F.3d 73 (2nd Cir. 2006) ("
75:(the "Fair Fund Provision").
1:
20:is a fund established by the
67:of 2002 (SOX), specifically
222:
47:, 137 S. Ct. 1635 (2017),
80:United States Treasury
157:SEC Rules of Practice
120:Richardson & Mack
24:(SEC) to distribute
206:Sarbanes–Oxley Act
65:Sarbanes–Oxley Act
30:Sarbanes–Oxley Act
213:
181:
171:
170:
154:
152:
136:
129:
123:
116:
91:Committee v. SEC
43:Note that under
221:
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216:
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201:Corporate crime
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2:
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27:
26:disgorgements
23:
19:
177:
164:
146:
127:
94:
90:
86:
84:
77:
62:
49:disgorgement
44:
42:
39:
17:
15:
190:Categories
101:References
53:punishment
69:15 U.S.C.
32:of 2002.
18:Fair Fund
95:WorldCom
73:7246(a)
59:History
36:Purpose
153:, 2006
93:" or "
169:(PDF)
155:from
151:(PDF)
192::
109:^
71:§
55:.
16:A
131:(
122:)
118:(
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