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Ex-Xerox CFO’s ‘No-Deny’ SEC Settlement OK Under First Amendment

Sept. 27, 2021, 5:01 PM

The former chief financial officer of Xerox Corp. lost his bid to ditch an SEC settlement provision barring him from denying the agency’s allegations because he failed to show jurisdictional or procedural defects, the Second Circuit said Monday.

Barry Romeril argued that the settlement violated his First Amendment and due process rights and sought a new version without that provision. The lower court judge who signed off on the deal had jurisdiction to do so, notwithstanding Romeril’s free speech claims, and there’s “no merit” to his due process violation claims, the U.S. Court of Appeals for the Second Circuit said ...