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Foley & Lardner LLP

First Circuit’s Reversal of Summary Judgment Clarifies Materiality Standard for Advisory Conflicts

Foley & Lardner LLP on

A recent ruling may raise the bar for the Securities and Exchange Commission (SEC) in charging registered investment advisers for omissions of potential conflicts and seeking disgorgement, giving the defense bar additional...more

Eversheds Sutherland (US) LLP

SEC v. Commonwealth: a win for the securities industry

Eversheds Sutherland (US) LLP on

On April 1, 2025, the First Circuit Court of Appeals vacated a nearly $95 million judgment against our client Commonwealth Financial Network related to the sufficiency of Commonwealth’s revenue-sharing disclosures. The First...more

Troutman Pepper Locke

First Circuit Questions Materiality in SEC's Case Against Commonwealth Equity Services

Troutman Pepper Locke on

On April 1, the U.S. Court of Appeals for the First Circuit vacated a summary judgment ruling in favor of the Securities and Exchange Commission (SEC) against Commonwealth Equity Services, LLC, also known as Commonwealth...more

Morgan Lewis

Securities Enforcement Roundup – March 2025

Morgan Lewis on

In this issue of our monthly Securities Enforcement Roundup, we highlight top securities enforcement developments and cases from March 2025. In March 2025: US Securities and Exchange Commission (SEC or the Commission)...more

Skadden, Arps, Slate, Meagher & Flom LLP

Fifth Circuit Reverses CFTC Penalty Judgment Under ‘Fair Notice’ Doctrine

Skadden, Arps, Slate, Meagher & Flom LLP on

On January 8, 2024, in a decision that underscores the potential viability of fair-notice defenses to U.S. regulators’ rule interpretations, the U.S. Court of Appeals for the Fifth Circuit reversed a $6.5 million penalty...more

Goodwin

SEC Finalizes Reforms Under Investment Advisers Act

Goodwin on

In this Issue. The Securities and Exchange Commission (SEC) finalized reforms under the Investment Advisers Act to modernize rules that govern investment adviser advertisements and payments to solicitors, and published a risk...more

Bradley Arant Boult Cummings LLP

The End of the DOL’s Fiduciary Rule - Employee Benefits Alert

Bradley Arant Boult Cummings LLP on

On June 21, 2018, the Fifth Circuit Court of Appeals issued a mandate vacating the controversial fiduciary rule issued by the U.S. Department of Labor (DOL) in 2016. The mandate follows the court’s opinion issued on March 15,...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Fifth Circuit decision doesn’t bury Fiduciary Rule

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

The Fifth Circuit Court of Appeals vacated the Labor Department’s fiduciary rule, overturning a Dallas district court decision that originally upheld it. By a 2-1 vote, the Circuit Court held that the Department of Labor...more

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