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