Litigation Release No. 22540 / November 21, 2012

Securities and Exchange Commission v. Edward S. Steffelin, 11-Civ.-4204 (Cedarbaum, J.) (S.D.N.Y. filed June 21, 2011)

District Court Dismisses Action Against Edward S. Steffelin

The Securities and Exchange Commission announced today that it entered into a stipulation to dismiss with prejudice charges against Edward S. Steffelin for his role in the Squared CDO 2007-1 transaction. According to the stipulation, which was approved by the District Court on November 16, 2012, each party shall bear its own costs and expenses, and Steffelin agreed to waive and release the Commission from all claims. The stipulation also expressly provided that it was not intended and shall not be deemed an admission by either party of the merit or lack of merit of the claims and/or defenses asserted by either party. For more information about this enforcement action, see LR-22008 (June 21, 2011).