Settlements of the SEC civil cases against Ralph Cioffi and Matthew Tannin were announced on Monday, the same day that their trial was scheduled to begin.  The settlement requires court approval.  Both had been accused of lying about the health of 2 mortgage-laden hedge funds they managed. Terms of the Settlements. While Cioffi and Tannin were acquitted of criminal charges in 2009 in a parallel case brought by the U.S. Department of Justice, the pair agreed to settle with the SEC so that they could move on with their lives. Ralph Cioffi agreed to an $800K payment - consisting of disgorgement and civil penalty - as well as a 3-year bar from the industry.  Matthew Tannin agreed to a $250K payment and a 2-year bar.  Neither defendant will admit or deny wrongdoing as part of the deal. Mr. Cioffi was represented by a legal team from Hughes Hubbard & Reed, while Mr. Tannin was represented by a legal team from Brune & Richard coincidentally (or not), al the lawyers working on Tannin's defense were women. John Worland, Erica Williams, John Bowers and Richard Hong represented the SEC. For further details:  [Reuters, 2/13/12].