On Monday, the U.S. Securities and Exchange Commission pushed against concerns raised by a federal judge over its settlement with Elon Musk related to his delayed disclosure of Twitter share purchases.
SEC Says Settlement Was Reached Through ‘Arm's Length Negotiations'
Something went wrong.
In a filing submitted to federal court in Washington, D.C., the SEC defended its proposed settlement after U.S. District Judge Sparkle Sooknanan questioned whether the deal adequately served the public interest and warned she would not simply "rubber stamp" the agreement, Reuters reported.
"[The settlement is] fair, reasonable and appropriate," the regulator said, adding that it was "not the result of any improper collusion between the parties," but instead reflected "arm's length negotiations among counsel of record" and compromises by both sides.
