There are no doubt times when agreeing that the defendant neither admits nor denies something, but the SEC abuses this practice. Nearly every settlement with the Wall Street gang that trashed the economy has been settled this way. There is at least one judge who has had enough of it and the SEC is now claiming the practice is changing, but that's just more deception. The changes are only in limited cases though the SEC is promoting this update as a major change. It's not. It's easy to understand why the SEC settles like this with Wall Street, because most at the SEC are only there to set themselves up for a promotion and big money working on Wall Street. It's the infamous Washington revolving door at work. The days of a different rule of law for Wall Street has to end. CNBC:
The SEC has come under pressure — mostly from one federal judge and some lawmakers — to rethink the ease with which it lets companies settle without admitting wrongdoing. Judge Jed Rakoff, a federal district court judge for the Southern District of Manhattan, has called the practice into question in a number of cases. He’s actually rejected a couple of settlements — or at least refused to immediately approve them — on the grounds the SEC should “see that the truth emerges.” This latest ruling doesn’t touch on the types of cases with which Rakoff has been dealing. They involve no criminal accusations, much less convictions. And the SEC is not, so far as anyone can tell, thinking about revisiting this for the vast majority of purely civil cases.