The lawyers wrote, “Following the settlement conference in this case, SEC counsel prepared a detailed written memorandum for review and comment by the various Offices and Divisions of the SEC. The Commissioners did approve a toothless settlement with the bankrupt company itself, filed in court on July 3. But on June 30, the SEC filed in court a settlement in the case with ITT only, not the executives. The answers came back from Clayton in early August, just prior to the SEC filing that the Commission had rejected the settlement. Clayton wrote to Durbin that the SEC case against Modany and Fitzpatrick “is ongoing.” He added, “During a court-ordered settlement conference, Modany and Fitzpatrick made settlement offers in the case filed against them.

Source: Huffington Post August 30, 2017 19:31 UTC