2025-03-27 sec-litreleases pdf 135 KB 3,496 chars

SEC v. CUMBERLAND DRW LLC, No. 1:24-cv-09842, Northern District of Illinois (Mar. 27, 2025)

raw: SEC v. CUMBERLAND DRW LLC

SEC v. CUMBERLAND DRW LLC, No. 1:24-cv-09842 (Mar. 27, 2025)

Caption: Securities & Exchange Commission v. Cumberland DRW LLC

summary

The SEC and Cumberland DRW LLC have entered into a joint stipulation to dismiss a civil enforcement action with prejudice.

paragraph

The SEC filed its original complaint against Cumberland DRW LLC on October 10, 2024, in the Northern District of Illinois. The litigation was dismissed with prejudice on March 27, 2025, without costs or fees to either party. The agreement includes a waiver by the defendant of all rights to seek attorney's fees or pursue claims against the Commission.

narrative

The Securities and Exchange Commission (SEC) and Cumberland DRW LLC have reached a joint stipulation to dismiss the SEC's civil enforcement action with prejudice. Originally filed on October 10, 2024, the litigation was resolved following the SEC's decision to dismiss the case as a policy matter, following the launch of a new crypto task force. The dismissal was finalized on March 27, 2025, without the imposition of costs or fees on either party. As part of the agreement, Cumberland DRW LLC waived its rights to seek reimbursement for legal expenses under the Equal Access to Justice Act. Furthermore, the defendant released all claims and causes of action against the Commission and its officers related to this litigation. The SEC noted that this dismissal does not necessarily reflect its position on any other pending or future cases.

Enriched metadata

Scheme: non-corporate (100%)
Court: Northern District of Illinois
Case No.: 1:24-cv-09842

Classified non-corporate(confidence 100%). No EDGAR filing fingerprint (criminal/DOJ-side scheme). detection rule →

Extracted insights

Entities 3

company cumberland drw llc
agency Securities and Exchange Commission
person this litigation dismissed

Triples 7

Securities And Exchange Commission filed its complaint in this civil enforcement action on October 10, 2024
Acting Chairman Mark T. Uyeda launched a crypto task force on January 21, 2025
Securities And Exchange Commission believes the dismissal of this case is appropriate
Securities And Exchange Commission agree to have this Litigation dismissed
Securities And Exchange Commission stipulate that this Litigation be dismissed with prejudice as to the conduct alleged in the Complaint through the date of the filing of this Stipulation
Cumberland DRW LLC waive and release any and all rights under the Equal Access to Justice Act, the Small Business Regulatory Enforcement Fairness Act of 1996, or any other provision of law to seek reimbursement of attorney's fees or other fees, expenses, or costs expended in relation to the Litigation
Cumberland DRW LLC waive and release any and all claims, demands, rights, and causes of action against the Commission and its present and former officers or employees arising from or relating to the Litigation

PDF

SEC v. CUMBERLAND DRW LLC · Source

Text layers

Extracted body text (3,496c)

UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
SECURITIES AND EXCHANGE
COMMISSION,
Plaintiff,
v.
CUMBERLAND DRW LLC,
Defendant.
Case No. 24-CV-09842 (MFK)
JOINT STIPULATION TO DISMISS, AND RELEASES
Plaintiff Securities and Exchange Commission (the "Commission" or the "SEC") and
Defendant Cumberland DRW LLC ("Defendant") respectfully submit this joint stipulation.
WHEREAS, the Commission filed its complaint in this civil enforcement action (the
"Litigation") on October 10, 2024.
WHEREAS, on January 21, 2025, Acting Chairman Mark T. Uyeda launched a crypto
task force dedicated to helping the Commission further develop the regulatory framework for
crypto assets.
WHEREAS, in light of the foregoing, and in the exercise of its discretion and as a policy
matter, the Commission believes the dismissal of this case is appropriate.
WHEREAS, the Commission's decision to seek dismissal of this Litigation does not
necessarily reflect the Commission's position on any other case.
WHEREAS, by this stipulation, the. Commission and Defendant agree to have this
Litigation dismissed.

NOW, THEREFORE,
1.Pursuant to Fed.R.Civ.P. 41(a)(l)(A)(ii), the Commission and Defendant stipulate
that this Litigation be dismissed with prejudice as to the conduct alleged in the Complaint
through the date of the filing of this Stipulation, and without costs or fees to either party.
2.Defendant, for itself and any of its agents, attorneys, employees, or
representatives, hereby waive and release:
a. Any and all rights under the Equal Access to Justice Act, the Small Business
Regulatory Enforcement Fairness Act of 1996, or any other provision of law to
seek from the United States, or any agency, or any official of the United States
acting in his or her official capacity, directly or indirectly, reimbursement of
attorney's fees or other fees, expenses, or costs expended by Defendant that in
any way relate to the Litigation, including but not limited to investigative steps
taken prior to commencing the Litigation.
b. Any and all claims, demands, rights, and causes of action of every kind and
nature, asserted or unasserted, against the Commission and its present and
former officers or employees that arise from or in any way relate to the
Litigation, including but not limited to investigative steps taken prior to
commencing the Litigation.
3.Each of the undersigned represents that they have the authority to execute this
stipulation on behalf of the party so indicated.
STIPULATED AND AGREED:
.t14.a
Tori.Sr6eL Dc Boe
#484238)
U.S. SECURITIES AND EXCHANGE
COMMISSION
175 West Jackson Blvd., Suite 1450
Chicago, Illinois 60604
Telephone: (312) 596-6049
[email protected]
2
Michael S. Kim
Jeremy 0. Bressman (pro hac vice)
Brandon C. Bias (pro hac vice)
KOBRE & KIMLLP
800 Third Avenue
New York, NY 10022
(212) 488-1200
[email protected]
[email protected]
[email protected]
[email protected]

SAMUEL J. WALDON
Acting Director
ANTONIA M. APPS
Acting Deputy Director
Enforcement Division
U.S. SECURITIES AND EXCHANGE
COMMISSION
Attorneysfor Securities and Exchange
Commission
Dea. Munl27023
3
Evelyn Baltodano-Sheehan (pro hac
vice)
KOBRE & KIM LLP
201 South Biscayne Blvd., Suite
1900
Miami, FL 33131
(305) 967-6100
[email protected]
Sydney S. Johnson (pro hac vice)
KOBRE & KIM LLP
1919M St. NW, Suite 410
Washington, DC 20002
(202) 664-1900
[email protected]
Attorneysfor Defendant
Cumberland DRW LLC
pa/hl 2.0s

OCR text (3,768c · tika · 95% conf)

UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF ILLINOIS

EASTERN DIVISION

SECURITIES AND EXCHANGE
COMMISSION,

Plaintiff,
v.

CUMBERLAND DRW LLC,

Defendant.

Case No. 24-CV-09842 (MFK)

JOINT STIPULATION TO DISMISS, AND RELEASES

Plaintiff Securities and Exchange Commission (the "Commission" or the "SEC") and

Defendant Cumberland DRW LLC ("Defendant") respectfully submit this joint stipulation.

WHEREAS, the Commission filed its complaint in this civil enforcement action (the

"Litigation") on October 10, 2024.

WHEREAS, on January 21, 2025, Acting Chairman Mark T. Uyeda launched a crypto

task force dedicated to helping the Commission further develop the regulatory framework for

crypto assets.

WHEREAS, in light of the foregoing, and in the exercise of its discretion and as a policy

matter, the Commission believes the dismissal of this case is appropriate.

WHEREAS, the Commission's decision to seek dismissal of this Litigation does not

necessarily reflect the Commission's position on any other case.

WHEREAS, by this stipulation, the. Commission and Defendant agree to have this

Litigation dismissed.

Case: 1:24-cv-09842 Document #: 46 Filed: 03/27/25 Page 1 of 3 PageID #:219

NOW, THEREFORE,

1. Pursuant to Fed.R.Civ.P. 41(a)(l)(A)(ii), the Commission and Defendant stipulate

that this Litigation be dismissed with prejudice as to the conduct alleged in the Complaint

through the date of the filing of this Stipulation, and without costs or fees to either party.

2. Defendant, for itself and any of its agents, attorneys, employees, or

representatives, hereby waive and release:

a. Any and all rights under the Equal Access to Justice Act, the Small Business
Regulatory Enforcement Fairness Act of 1996, or any other provision of law to
seek from the United States, or any agency, or any official of the United States
acting in his or her official capacity, directly or indirectly, reimbursement of
attorney's fees or other fees, expenses, or costs expended by Defendant that in
any way relate to the Litigation, including but not limited to investigative steps
taken prior to commencing the Litigation.

b. Any and all claims, demands, rights, and causes of action of every kind and
nature, asserted or unasserted, against the Commission and its present and
former officers or employees that arise from or in any way relate to the
Litigation, including but not limited to investigative steps taken prior to
commencing the Litigation.

3. Each of the undersigned represents that they have the authority to execute this

stipulation on behalf of the party so indicated.

STIPULATED AND AGREED:

.t14.aTori.Sr6eL Dc Boe
#484238)
U.S. SECURITIES AND EXCHANGE
COMMISSION
175 West Jackson Blvd., Suite 1450
Chicago, Illinois 60604
Telephone: (312) 596-6049
[email protected]

Michael S. Kim
Jeremy 0. Bressman (pro hac vice)
Brandon C. Bias (pro hac vice)
KOBRE & KIMLLP
800 Third Avenue
New York, NY 10022
(212) 488-1200
[email protected]
[email protected]
[email protected]
[email protected]

Case: 1:24-cv-09842 Document #: 46 Filed: 03/27/25 Page 2 of 3 PageID #:220

SAMUEL J. WALDON
Acting Director
ANTONIA M. APPS
Acting Deputy Director
Enforcement Division
U.S. SECURITIES AND EXCHANGE
COMMISSION

Attorneysfor Securities andExchange
Commission

Dea. Munl27023

Evelyn Baltodano-Sheehan (pro hac
vice)
KOBRE & KIM LLP
201 South Biscayne Blvd., Suite
1900
Miami, FL 33131
(305) 967-6100
[email protected]

Sydney S. Johnson (pro hac vice)
KOBRE & KIM LLP
1919M St. NW, Suite 410
Washington, DC 20002
(202) 664-1900
[email protected]

Attorneysfor Defendant
CumberlandDRWLLC

pa/hl 2.0s

Case: 1:24-cv-09842 Document #: 46 Filed: 03/27/25 Page 3 of 3 PageID #:221

Enriched metadata

Extracted insights

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