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News
August 5, 2014

In The News Today – August 5, 2014

Russell G. Ryan, former assistant director of enforcement at the SEC, writes an op-ed in today’s Wall Street Journal entitled, “The SEC as Prosecutor and Judge.” Ryan writes, “On its website, the SEC accurately describes itself as ‘first and foremost’ a law-enforcement agency. As such, the agency should play no role in deciding guilt and meting out punishment against the people it prosecutes.” (Wall Street Journal)

AIG will pay $960 million to settle a consolidated securities class action regarding the valuation of credit default swaps between 2006 and 2008, according to a filing the company made with the SEC on Monday. This is among the largest-ever settlements in a securities class action stemming from the 2008 financial crisis. (Law360)

R.J. Reynolds has asked a Florida state court “to toss a jury verdict awarding an unprecedented $23.6 billion in punitive damages in a wrongful death lawsuit,” calling the award “wildly and absurdly excessive.” The verdict being challenged by the company also included nearly $17 million in compensatory damages. (Law360)

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