SEC’s newly confirmed Chairperson, Mary Jo White, stated that the SEC would no longer main-tain a “blanket policy” that defendants would be able to settle cases without admitting to any wrongdoing. The SEC’s practice of accepting set-tlements without requiring an admission of liabil-ity has recently been scrutinized by the courts; however, the “neither-admit-nor-deny” policy is not completely abolished. In particular, Ms. White indicated that cases involving widespread harm to investors, egregious intentional miscon-duct or the obstruction of an SEC’s investigation may require the defendant to accept a degree of liability as a condition of settlement.