The Securities and Exchange Commission introduced $ 1.6 billion in monetary settlements for defendants in public corporations and subsidiary actions during the 2020 fiscal year, compared to the previous fiscal year $ 1.5 billion, according to a report released Wednesday.
The increase came despite a slowdown in activity during the early phases of COVID-19.
The actions against public companies and subsidiaries amounted to 61 during the 2020 fiscal year, ended September 30, compared to 95 during the 2019 fiscal year, according to the report from the New York University Pollack Center for Law & Business and San Francisco-based Cornerstone Research Inc.  The results of the report are based on the Securities Enforcement Empirical Database, a collaboration between Pollack Center and Cornerstone that covers data beginning with the fiscal year 201
Among other conclusions, the SEC introduced $ 565 million in dismissal and interest in civil acts, which was the highest amount in a tax year since the start of the database.
Applications against defendants in the manufacturing industry or service sector represented 41% of the total measures against public companies and subsidiaries during the 2020 financial year, compared with 23% of the total during the 2019 financial year, according to the report. Catalog