Round 2 in the SEC’s Case Against State Street Execs

Overview


Mark Pearlstein, who in 2011 successfully defended an investment firm executive against SEC allegations of misleading investors, objected that by appealing the decision the agency is “seeking a do-over” because “there is literally nothing in the record that would support substituting the commission’s judgment for that of an experienced administrative law judge” who rejected the charges. Mr. Pearlstein said that because his client had relied on internal experts and counsel to “ensure the totality of information provided [to investors] was correct, the law is very, very clear that involvement of counsel … is strong evidence supporting a lack of scienter.”