US judge rejects SEC bid to sanction Elon Musk
Source: Reuters
November 22, 2024 7:59 PM EST Updated 11 hours ago
Nov 22 (Reuters) - A federal judge on Friday rejected the U.S. Securities and Exchange Commission's request to sanction Elon Musk after he failed to appear for court-ordered testimony for the regulator's probe into his $44 billion takeover of Twitter. U.S. District Judge Jacqueline Scott Corley in San Francisco said sanctions over Musk's Sept. 10 absence were unnecessary, after the world's richest person testified on Oct. 3 and agreed to pay the SEC's $2,923 of travel costs.
"Because the present circumstances forestall any occasion for meaningful relief that the court could grant, the SEC's request is moot," Corley wrote. The SEC had sought a declaration that Musk violated a May 31 court order to provide testimony. It said having only to repay travel costs would not deter many other people from ignoring court orders, "much less someone of Musk's extraordinary means."
Musk said he complied with the order by testifying on Oct. 3. He is worth $321.7 billion according to Forbes magazine. The SEC did not immediately respond to a request for comment after business hours. Lawyers for Musk did not immediately respond to similar requests.
Musk, whose businesses include electric car maker Tesla (TSLA.O) tab and rocket company SpaceX and who is the world's richest person, went to Florida's Cape Canaveral on Sept. 10 to oversee the launch of SpaceX's Polaris Dawn mission. The SEC is investigating whether Musk violated securities laws in early 2022 by waiting at least 10 days too long to disclose he had begun accumulating Twitter stock.
Read more: https://www.reuters.com/business/us-judge-rejects-sec-request-sanction-elon-musk-2024-11-22/
Irish_Dem
(59,744 posts)Vinca
(51,241 posts)RandiFan1290
(6,455 posts)pimpbot
(1,014 posts)She seems pro-business. This is the problem. We appoint normal people at judges, they appoint crazy loons who don't care about the law.
"In 2023, Corley oversaw the lawsuit brought by the Federal Trade Commission (FTC) to block the acquisition of Activision Blizzard by Microsoft. In June 2023, Corley disclosed that her son was working for Microsoft at the time of the trial, which led judicial watchdog group the Revolving Door Project to issue an open letter to Corley arguing that her son's employment at Microsoft could create the "appearance of improper incentives" and might violate the federal Code of Conduct for US judges.[13] In July 2023, Corley ruled that the FTC hadn't proven that the deal would harm consumers. The case is still pending appeal and is yet to have a final verdict."
https://en.wikipedia.org/wiki/Jacqueline_Scott_Corley
Response to pimpbot (Reply #4)
onenote This message was self-deleted by its author.
Irish_Dem
(59,744 posts)Maybe we should start raising money to buy our own judges.
You know, buy a judge to actually do their damn jobs and enforce rule of law.
moniss
(6,155 posts)the amount for an Attorney General seems to be $25,000.
Irish_Dem
(59,744 posts)Doesn't cost much to buy these people.
jimfields33
(19,322 posts)They go strictly by the law.
onenote
(44,811 posts)Irish_Dem
(59,744 posts)We saw it with our own eyes.
I assure you most of us here on DU are not stupid, contrary to your accusations.
We know a good or bad ruling when we see it.
And we have the capacity to make case by case decisions.
I don't care who appointed who.
We can tell the difference between good rulings and utter bullshit.
travelingthrulife
(961 posts)moniss
(6,155 posts)she ruled because I would have taken immense pride in going to jail for standing up and saying to her "Well of course your honor and please forgive us citizens for all these years failing to understand that court dates aren't requirements but are mere suggestions."
EarthFirst
(3,198 posts)Comfortably_Numb
(4,121 posts)Karasu
(368 posts)It really does feel like most all judges left in this country are toothless cowards or willfully compromised.
republianmushroom
(18,179 posts)LudwigPastorius
(11,092 posts)That's equivalent to me paying 9/10,000ths of one cent to get the SEC to drop sanctions.