US SEC, SolarWinds reach preliminary deal to end breach lawsuit
The SEC, SolarWinds and its chief information security officer, Timothy Brown, asked a federal judge on Wednesday to stay court proceedings while they finalize paperwork for a settlement. The judge granted their motion, filings showed.
In what was seen as a landmark case, the SEC sued the software company and its top security executive in connection with a two-year cyberattack known as Sunburst that targeted Austin, Texas-based SolarWinds. A judge dismissed much of the regulator's case last year.
The SEC had said that the defendants defrauded investors by concealing security weaknesses, but U.S. District Judge Paul Engelmayer, who approved the stay, had said that the claims were based on "hindsight and speculation."
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