Cases & Deals

  • Home
  • Practices
  • The Port Authority of New York & New Jersey obtains highly favorable settlement with SEC

Share

The Port Authority of New York & New Jersey obtains highly favorable settlement with SEC

January 2017

Client(s) Port Authority of New York & New Jersey, The

Jones Day client The Port Authority of New York & New Jersey obtained a highly favorable settlement with the SEC in an investigation of the Port Authority's funding of $1.8 billion in New Jersey Roadway Projects. The Manhattan District Attorney's Office began an investigation in this matter in April 2014 joined shortly thereafter by the SEC. The SEC settlement is based solely on negligent conduct by the Port Authority in not disclosing certain risks to its statutory authority to fund the Roadway Projects and does not allege any intentional misconduct by the Port Authority. The Port Authority will pay a civil penalty of $400,000. This negligence-based settlement with the SEC is a very favorable outcome for the Port Authority.

Before sending, please note:

Information on www.jonesday.com is for general use and is not legal advice. The mailing of this email is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Anything that you send to anyone at our Firm will not be confidential or privileged unless we have agreed to represent you. If you send this email, you confirm that you have read and understand this notice.