Companies seeking to revisit SEC settlements should take note of a recent Fifth Circuit ruling that reinforces the formidable barriers to modifying agreements negotiated with sophisticated counsel. The decision arose from Apex Clearing Corporation’s effort to obtain more lenient terms after firms settling similar off-channel communications violations received less onerous treatment. This article examines why the court upheld the SEC’s denial of that request and, with expert commentary, offers practical guidance for parties considering challenges to agency settlements. See “SEC Penalizes Adviser for Failing to Preserve Off-Channel Communications” (Sep. 18, 2024).