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December 21, 2012

Judge Blasts IBM, SEC Bribery Settlement

 

“A federal judge castigated the Securities and Exchange Commission and International Business Machines Corp. on Thursday, warning he wouldn’t “rubber stamp” their pending $10 million settlement over violations of an antibribery law.

U.S. District Judge Richard Leon said he couldn’t approve the settlement, unless the SEC and IBM agreed to abide by additional settlement terms imposed by the court or explain why the terms are “too burdensome,” as lawyers for IBM argued.

Judge Leon also questioned broader SEC settlement policies and warned that he was among “a growing number of district judges who are increasingly concerned” by those policies.”

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Read full Wall Street Journal article here

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