In an opinion filed today, Judge Marrero conditionally approved a $614 million insider trading settlement between the SEC and SAC Capital — the largest insider trading settlement ever (see our prior post).  The approval is contingent on a ruling from the Second Circuit that raises similar questions of whether and when it is appropriate for courts to approve SEC settlements in which the defendants neither admit nor deny wrongdoing. Judge Marrero seemed to indicate, however, his view that the practice may not be appropriate in all cases:
Continue Reading Judge Marrero Conditions Approval of $614 Million SAC Capital Settlement on Pending Second Circuit Ruling

In a case we have followed closely, the parties to the derivative claims against Bank of America’s directors and officers relating to the Merrill Lynch and Countrywide acquisitions told Judge Castel today that they had executed a definitive settlement agreement, presumably reflecting the $20 million agreement in principle disclosed in April. In an interesting twist, Judge Castel issued an order suggesting that he might delay approval of the deal until after a trial on October 22 on related securities class action claims:
Continue Reading Judge Castel Considers Delaying Approval of Bank of America Derivative Settlement Pending Securities Class Action Trial