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Ropes & Gray Represents Carter’s in First Non-Prosecution Agreement under SEC’s Enforcement Cooperation Initiative

Practices: Corporate & Securities Litigation

Securities litigation practice group leader Randy Bodner and partner Dan O’Connor led a team representing children’s clothing marketer Carter’s Inc., in securing a non-prosecution agreement with the SEC, announced on December 20. This is the first non-prosecution agreement to fall under the SEC’s Enforcement Cooperation Initiative, which was launched in January 2010 to encourage greater cooperation from companies and individuals in SEC investigations. Under the Agreement, the SEC has agreed not to charge Carter’s with any violations of the federal securities laws or otherwise commence any enforcement action against Carter’s, and Carter’s will not be required to pay any financial penalties. In return, Carter’s has agreed to continue to cooperate with the SEC’s investigation and with any related enforcement proceedings.

Ropes & Gray represented Carter’s in its internal investigations and during an SEC investigation. Commenting on the agreement in The American Lawyer’s Litigation Daily, Randy Bodner said, "This is what companies get when they self-report and do a thorough and complete investigation and truly cooperate with the SEC.”

Ropes & Gray has one of the largest and most experienced securities litigation practices in the country. The firm serves as general or special counsel to more than 100 public companies and advises more than 500 mutual funds or fund boards.

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