The Wells Process in SEC Enforcement Actions
Settlement Submissions in SEC Investigations: Evaluating Whether and How to Submit
Recording of a 90-minute premium CLE webinar with Q&A
This CLE course will examine what works and does not work in the SEC Wells process. The panel will provide strategies for counsel representing corporations in SEC enforcement actions on evaluating whether and how to use the Wells process to settle investigations.
- Overview of Wells process
A. How process works
B. Benefits of participating in process
C. Common complaints/concerns about process
D. Current efforts to streamline process
- Legal implications of participating in Wells process and making settlement submissions
A. Evidentiary issues — privilege, confidentiality, production issues, use of Wells submission in civil proceeding
B. SEC v. Bank of America Memorandum Order (September 14, 2009)
C. Representing multiple respondents
D. Joint defense agreements
E. Dealing with D&O insurers
- Preparing and presenting Wells submissions
A. Timing of submission
B. Addressing legal and policy issues
C. Addressing facts
D. Addressing relief sought
The panel will review these and other key questions:
- Which aspects of the Wells process have worked well for companies under investigation — and which aspects need improvement?
- How is the SEC's increased enforcement focus impacting the Wells process?
- How is the recent memorandum order in SEC v. Bank of America impacting settlement practice by the securities bar?
- What are the legal risks to corporations and their counsel of participating in the Wells process and making settlement submissions?
John J. Carney
Baker & Hostetler
Mr. Carney serves as BakerHostetler’s White Collar, Investigations and Securities Enforcement and Litigation team... | Read More
Mr. Carney serves as BakerHostetler’s White Collar, Investigations and Securities Enforcement and Litigation team co-leader. He is a former Securities Fraud chief, assistant United States attorney, U.S. Securities and Exchange Commission (SEC) senior counsel and certified public accountant at a "Big Four" accounting firm. Mr. Carney is a seasoned advocate who represents public and private corporations and financial institutions in complex civil, regulatory and criminal law enforcement investigations and litigation, and advises and defends corporations and senior officers on FCPA compliance, investigation and defense. His experience conducting investigations of possible FCPA violations and other potentially improper foreign country-based financial transactions has included working on major matters in the BRIC countries – Brazil, Russia, India and China. Having litigated for, and against, the U.S. government, Mr. Carney strongly encourages clients to take preemptive governance and remediation measures to mitigate legal and reputational risk in today's increasingly aggressive law enforcement environment.Close
James R. Doty
He represents clients before the Securities and Exchange Commission in a full range of regulatory, enforcement and... | Read More
He represents clients before the Securities and Exchange Commission in a full range of regulatory, enforcement and compliance matters. His clients include publicly traded corporations, as well as investment banking and securities firms both in the United States and in other countries. From May 1990 through 1992, he served as the general counsel of the SEC.Close
Linda Chatman Thomsen
Davis Polk & Wardwell
She concentrates in matters related to the enforcement of the federal securities laws. She joined the SEC staff in 1995... | Read More
She concentrates in matters related to the enforcement of the federal securities laws. She joined the SEC staff in 1995 as Assistant Chief Litigation Counsel. In 1997, she was named Assistant Director of the Enforcement Division. She became an Associate Director in 2000, Deputy Director in 2002 and Director of the Enforcement Division in 2005, a position she held until 2009.Close