In response to the Enron debacle, Congress enacted Section 523(a)(19) which makes all claims related to securities violations and securities fraud automatically non-dischargeable. The statute applies to any state or federal securities statute or regulation and applies to any judgment, order, consent order, settlement agreement, damages, fines, penalties, attorneys fees, etc. To the extent that any judgment or settlement agreement is entered, then those amounts would likely be non-dischargeable.