Litigator of the Week Runners-Up and Shout Outs

Litigator of the Week Runners-Up and Shout Outs

June 23, 2023, The AmLaw Litigation Daily

A Covington team, including Steve Fagell, Gerald Hodgkins, Barbara Hoffman and Adam Studner, were given a "Shout Out" in AmLaw Litigation's Daily weekly "Litigator of the Week" column for obtaining a rare and extraordinary publicly announced partial corporate declination from the SEC after Stanley Black & Decker Inc. voluntarily disclosed that a former executive had spent company funds on gifts, transportation and personal travel that were not disclosed as perquisites in proxy statements.

As the article stated, "shout out to a team at Covington & Burling that helped tool company Stanley Black & Decker Inc. navigate an SEC probe of undisclosed perks provided to certain executives. In a rare move, the SEC publicly announced this week it was declining to charge the company based on its self-reporting, cooperation and remediation efforts."

There have been only three other publicly announced declinations crediting self-reporting, cooperation, and remediation in the more than 20 years since the SEC issued formal guidance for crediting these criteria as part of resolving corporate enforcement matters (the Seaboard Report).

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