SEC Should Have Gone 'Chasing Waterfalls,' D.C. Judge Says

, The National Law Journal

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The R&B trio TLC warned against "chasing waterfalls" in the group's hit 1990s song. The U.S. Securities and Exchange Commission, a Washington judge says, took too literally that "immortal admonition." U.S District Judge James Boasberg's ruling, in a dispute over the distribution of settlement funds, features, yes, a waterfall. He instructed the agency to go talk with the IRS before presenting the plan to the court again.

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