SEC Dismisses SolarWinds Case with Prejudice

SEC to Drop Controversial SolarWinds Cyberattack Lawsuit

The US Securities and Exchange Commission will drop its landmark lawsuit against SolarWinds Corp. that accused the company of covering up internal problems ahead of a massive cyberattack.

The SEC, the software company and its top information security official jointly asked a federal court in Manhattan to end the case, according to an agreement filed on Thursday. The agency and Solarwinds in July said they had reached an agreement to settle the allegations.

The agency said the decision to seek dismissal is “in the exercise of its discretion” and “does not necessarily reflect the Commission’s position on any other case.” A SolarWinds spokesperson said the company was “clearly delighted” with the dismissal.

SEC Enforcement Actions Dropped 30% under Paul Atkins: Report

Consulting company Cornerstone Research reported a significant drop in the number of enforcement actions implemented by the current leadership of the US Securities and Exchange Commission, compared to that under the previous administration.

In a report released on Wednesday, Cornerstone reported that, under SEC Chair Paul Atkins, the number of enforcement actions against public companies and their subsidiaries decreased by about 30% in fiscal year 2025 compared to those in fiscal year 2024.

The company said the data was “consistent with the general pattern for other fiscal years when the SEC administration changed,” referring to former Chair Gary Gensler.

JPMorgan Had to Pay for Charlie Javice’s Legal Fees — and Her Restaurant Bills

What would you do if the federal government wanted you in jail and Jamie Dimon was paying your legal bills?

Here’s what Charlie Javice did: She spent money on luxury hotel upgrades, extravagant meals and cellulite butter, a personal care product that some people use to treat their skin, as a lawyer for the bank said in a hearing on Friday.

Then, she sent the receipts to the bank.

Pillsbury Fights to Keep Nearly $4 Million in Client Money Sought by SEC

Counsel for Pillsbury Winthrop Shaw Pittman on Wednesday urged the U.S. Court of Appeals for the Second Circuit to overturn a lower court ruling that the firm must return millions of dollars in a retainer paid before the client’s assets were frozen.

Pillsbury partner Anne Voight argued the more than $3.6 million became the firm’s property when the client, Adam Rogas, retained Pillsbury and transferred the funds just days before he was charged with securities fraud. Therefore, a freeze order targeting Rogas’ assets could not apply to the retainer, she said.

Meanwhile, the U.S. Securities and Exchange Commission says that Rogas retained an interest in the retainer, as it covered work to be done on his behalf, and that therefore the money is clearly covered in the language of the retainer.

“The funds were being used for Mr. Rogas’ benefit,” SEC Attorney Paul Alvarez said, adding the ruling included language covering a “person or entity holding any funds for the benefit of Mr. Rogas.”

“Those funds were being used to his legal defense and therefore are conferring a benefit,” the lawyer said.

Bitcoin Heading for Worst Month Since Crypto Collapse of 2022

Bitcoin is on track for its worst monthly performance since a string of corporate collapses rocked the wider crypto sector in 2022.

The largest cryptocurrency slid as much as 6.4% to $81,629 on Friday. Runner-up Ether fell as much as 7.6% to below $2,700 and a host of smaller tokens nursed similar declines. The total market value of virtual coins dropped below $3 trillion for the first time since April, data from CoinGecko show.