11.   Not all firms settle, however.

12.   So, rather than trying to disprove such accusations, many firms settle out of court.

13.   The brokers neither admitted nor denied the charges, which the firm settled last year.

14.   The firm could also settle after the SEC has filed suit.

15.   The firms settled the complaints without admitting or denying wrongdoing.

16.   The firm settled the case without admitting any wrongdoing and afterward did not discipline any auditors penalized by the SEC.

17.   The firm settled the case without admitting or denying the charges.

18.   The firm settled without admitting any wrongdoing.

19.   The firm settled without admitting or denying guilt.

20.   The firms settled those cases, which the commission did not get involved in, by setting up new procedures to resolve the disputes out of court.