Chan says it's for victims too, because when restitution sums are realistic, he says victims are more likely to get paid.
"Only in cases where trustees were acting in bad faith would we seek restitution of such sums," she says.
While such a person would previously have had to take out a legal action for damages separately from any judicial review proceedings, since May 2011 it has been possible for a person who has successfully obtained prerogative orders or a declaration to ask the High Court to also award him or her "relevant relief", that is, a liquidated sum, damages, equitable relief or restitution.
Mr. Stern neither admitted nor denied the charges, but agreed to pay $10 million in fines and provide $30 million in restitution to investors, a sum that equals all the money he is supposed to have made through the scheme.
One ongoing debate concerns the guilt or liability of those who would pay, the claim-rights and connection to the victims of those who would receive payment, and the difficulty in calculating the proper sum of restitution (Waldron 1992, Wheeler 1997, Boxill 2003).
The sum includes fines, restitution and forfeiture proceeds and will be paid from funds the bank had set aside for legal proceedings.
Prudential, long in negotiations with regulators, agreed to settle by paying an open-ended sum in fines and restitution, beginning with a down payment of $371 million.
A Senator discussing these sections said: 'The government ought to have the privilege of coming upon him (a fraudulent contractor) or his estate and his heirs and recovering the money of which it is defrauded.' 14 The inherent difficulty of choosing a proper specific sum which would give full restitution was a problem for Congress.
She also signed a mandatory-restitution order requiring that Cesar pay $1,222,494 nearly half the sum stolen from the trust's American victims.
Securities America, part of Ameriprise Financial, based in Minneapolis, agreed, without admitting wrongdoing, to pay $16.3 million in fines and restitution in a Finra proceeding, as well as sums that have been held secret in separate court cases on behalf of victims.
