On September 28, 2023, the SEC announced that it had filed charges against and entered into a settlement agreement with the Illinois electric utility Commonwealth Edison (ComEd) and its corporate parent Exelon Corporation in connection with an alleged scheme to influence the then-speaker of the Illinois House of Representatives, Michael Madigan. The SEC separately filed a complaint against ComEd’s former CEO in connection with the same allegations. In an October 12, 2023 post on the Cooley law firm’s PubCo blog (here) Cydney Posner wrote about the SEC enforcement actions and raised the interesting question of whether Political Corruption is Securities Fraud? It is a question well worth asking. However, as I discuss below, there is a long-standing connection between corruption and bribery allegations and securities class action lawsuits and other types of claims.
‘Enforcement 40’ for 2020
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