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Multiple Representations: The SEC v. D&O Insurers, Contributed by Ralph C. Ferrara, John S. Pruitt, William C. Horn and Rachel O. Wolkinson, Dewey & LeBoeuf LLP

Wednesday, December 28, 2011
In January 2010, the Securities and Exchange Commission (SEC) announced a series of measures designed to encourage individuals and companies to cooperate earlier and more fully in the agency’s investigations and enforcement actions.1 The new initiative formalizes cooperation incentives to help investigators develop first-hand evidence. These new measures are set forth in a new section of the SEC’s Enforcement Manual, entitled “Fostering Cooperation.”2 The SEC’s “sequestration” rule, the cooperation incentives, and recent comments by senior SEC staff demonstrate an antipathy for having multiple witnesses or targets of an investigation or enforcement action represented by a single lawyer or firm. For years it has been SEC policy

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