US SEC, SolarWinds reach preliminary deal to end breach lawsuit
NEW YORK (Reuters) -The U.S. Securities and Exchange Commission has reached a deal in principle with SolarWinds Corp and its top security officer to end litigation tied to a Russia-linked cyberattack involving the software firm, they said in a court filing on Wednesday.
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."
An SEC spokesperson declined to comment on the matter beyond the public filings. SolarWinds did not immediately respond to requests for comment.
The parties said they planned to file settlement paperwork or a joint status report by September 12.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
31 minutes ago
- Yahoo
Exclusive-BRICS to launch guarantee fund to boost investment in member nations, sources say
By Marcela Ayres and Bernardo Caram BRASILIA (Reuters) -The BRICS group of developing nations is set to announce a new guarantee fund backed by the New Development Bank (NDB) to lower financing costs and boost investment, two people familiar with the matter told Reuters. The initiative, modeled on the World Bank's Multilateral Investment Guarantee Agency (MIGA), aims to address global investment shifts amid uncertainty surrounding U.S. economic policy, the sources said on condition of anonymity. Brazilian officials view the fund as the centerpiece of the BRICS financial agenda during the country's rotating presidency. The fund is expected to be mentioned in the joint statement at the BRICS summit in Rio de Janeiro next week, said the sources. Originally formed by Brazil, Russia, India and China, the BRICS group later added South Africa and recently expanded to include other developing nations to increase its influence in global governance. The proposed BRICS Multilateral Guarantee (BMG) mechanism, incubated within the NDB, has received technical approval from member states and awaits final signoff from BRICS finance ministers, considered a formality, one of the sources said. Brazil's Finance Ministry declined to comment on the matter. The initiative will not require additional capital from member countries at this stage. Instead, it aims to channel existing NDB resources to projects in developing nations. No initial funding value has been disclosed, but officials involved in the talks expect each dollar in guarantees provided by the NDB to mobilize between five and ten dollars in private capital for pre-approved projects. "This is a politically significant guarantee instrument. It sends a message that BRICS is alive, working on solutions, strengthening the NDB and responding to today's global needs," one source said. Technical preparations setting up the fund are expected to conclude by the end of this year, paving the way for pilot projects to receive guarantees in 2026. BRICS countries face challenges common to developing nations in attracting large-scale private investment in infrastructure, climate adaptation and sustainable development. Officials argue that guarantees issued by the NDB, whose credit rating is higher than that of most member countries, could help mitigate perceived risks for institutional investors and commercial banks. Sign in to access your portfolio
Los Angeles Times
35 minutes ago
- Los Angeles Times
L.A. activist indicted after handing out face shields to anti-ICE protesters
A local activist who handed out protective face shields to protesters last month during demonstrations against the Trump administration's chaotic immigration raids was indicted by a federal grand jury Wednesday. Alejandro Orellana, a 29-year-old member of the Boyle Heights-based community organization Centro CSO, faces charges of conspiracy and aiding and abetting civil disorder, court records show. According to the indictment, Orellana and at least two others drove around downtown L.A. in a pickup truck distributing Uvex Bionic face shields and other items to a crowd engaged in a protest near the federal building on Los Angeles Street on June 9. Prosecutors allege Orellana was helping protesters withstand less-lethal munitions being deployed by Los Angeles police officers and Los Angeles County sheriff's deputies after an unlawful assembly had been declared. . Orellana is due in court on Thursday morning. An e-mail to his federal public defender seeking comment was not immediately returned. U.S. Atty. Bill Essayli, a former California Assemblyman appointed by President Trump, has promised to aggressively prosecute anyone who interferes with immigration enforcement operations or harms police during protests. Federal prosecutors have brought at least 14 cases related to last month's demonstrations and Essayli promised more people will be charged. Asked how handing out defensive equipment was a crime during a news conference last month, Essayli insisted Orellana was specifically handing out supplies to violent demonstrators. 'He wasn't handing masks out at the beach. ... They're covering their faces. They're wearing backpacks. These weren't peaceful protesters,' he said. 'They weren't holding up signs, with a political message. They came to do violence.' Essayli described anyone who remained at a protest scene after an unlawful assembly as a 'rioter' and said peaceful protesters 'don't need a face shield.' Orellana, who works for United Parcel Service, has no criminal record and previously served in the U.S. Marines, according to Carlos Montes, a fellow member of Centro CSO. Montes said he believes Essayli is specifically targeting Centro CSO for its pro-immigrant activism, noting FBI agents seized another member's cellphone last week as part of their investigation into Orellana. 'It's ridiculous charges. We're demanding they drop the charges now. They're insignificant, ridiculous,' Montes said. 'The most it amounts to is that he was passing out personal protective equipment, which includes boxes of water, hand sanitizer and snacks.' A spokesperson for the U.S. Marine Corps did not immediately respond to a request for Orellana's service record. Montes also challenged Essayli's argument that peaceful protesters have no need for protective equipment, pointing to myriad instances in which people have been seriously injured by Los Angeles police and county sheriff's deputies in recent years. A Times investigation last month highlighted incidents where protesters allege LAPD officers fired rubber rounds and other crowd control munitions without warning in recent weeks, causing demonstrators and members of the media to suffer broken bones, concussions and other forms of severe harm. Times staff writer Brittny Mejia contributed to this report.
Yahoo
36 minutes ago
- Yahoo
Switzerland seeks trade deal with Trump without getting into EU bind
By Dave Graham ZURICH (Reuters) -Switzerland is exploring what concessions it can make to secure a deal with Washington on trade, but it must tread carefully to protect its interests with key trading partner, the European Union, politicians and people familiar with the matter said. The Swiss cabinet last month approved its biggest trade policy overhaul in years with the EU, two months after the U.S. stunned Switzerland by announcing 31% tariffs - well above the 20% rate Washington set out for the 27-nation bloc. That shock prompted a scramble by business leaders and officials to underline how much Switzerland invests in the United States and the tariff threat was suspended for a 90-day period ending July 9. Talks are continuing. Nicolas Walder, a Greens member of the lower house of parliament's foreign policy committee, said Switzerland must insist on its commitment to multilateralism with the U.S. "A deal should not interfere with any agreement that Switzerland has signed or wants to sign, and should specifically mention the bilateral agreement with the EU," said Walder, whose committee is regularly briefed on the trade talks. The Swiss mandate for negotiating with the U.S. stipulates that relations with its other trade partners be upheld. Any U.S. deal must be compatible with Switzerland's future relations with the EU, a Swiss source familiar with the matter said. Swiss officials and lawmakers believe that a 31% tariff can be averted, but say U.S. President Donald Trump's existing 10% baseline tariff looks likely to stay. "Switzerland is negotiating in good faith with the U.S. government, aiming for a positive outcome," the Swiss Economy Ministry said in a statement in response to questions on the points made by Reuters in this article. The EU trade agreement faces a lengthy approval process and is almost certain to be put to a national referendum under Switzerland's system of direct democracy. CONCESSIONS Trump's unpredictable approach to trade policy has been a challenge for Switzerland, which abolished its own industrial tariffs last year and sets great store by adherence to rules. Eager to offer Trump something, Switzerland is exploring granting concessions to the U.S., such as greater market access for produce like seafood and citrus fruits, the source said. Home to pharmaceutical giants Roche and Novartis - both big U.S. investors - Switzerland also knows Washington has been investigating trade practices in the sector and does not want any deal to be muddied later by pharma tariffs, the source said. "This is absolutely crucial," said Simon Michel, a federal lawmaker and CEO of medical technology company Ypsomed. Jean-Philippe Kohl, deputy director of industry association Swissmem, said even if only a 10% tariff applies, the dollar's decline against the Swiss franc amid the trade uncertainty was already making exporters' goods dearer in the U.S. And if the EU secured better tariff terms with Washington, that could put Swiss firms at a disadvantage. "It's therefore important that the dialogue with the U.S. quickly lead to a positive outcome," he said. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
