SEC's 'Boilerplate' Deal With Ex-State Street Exec Irks Judge

Law360 (February 11, 2021, 6:21 PM EST) -- A Massachusetts federal judge said Thursday he wouldn't "rubber stamp" a judgment negotiated in a civil case between the U.S. Securities and Exchange Commission and a convicted former State Street Corp. executive that covers far more conduct than what he was found guilty of in his criminal case.

In a follow-up hearing to one where U.S. District Judge Douglas P. Woodlock already refused to sign off on the SEC and Ross McLellan deal, the judge questioned the deal's broad and permanent provision barring misrepresentations and fraudulent statements regarding securities.

"What you have here is one of the most open-textured of fraud provisions that I'm...

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