Stilwell Value and Joseph Stilwell Settle SEC Claims

Skadden achieved a favorable settlement for investment adviser Stilwell Value LLC and its principal and managing member, Joseph Stilwell, in an SEC investigation into whether Stilwell entities adequately disclosed conflicts of interest presented by interfund loans between certain pooled investment vehicles that they managed. On March 16, the SEC filed an administrative order settling the investigation on a nonfraud basis; the settlement ensures the continued operation of the Stilwell funds. The Stilwell entities neither admitted nor denied the SEC's allegations in connection with the settlement.