Investment Funds, Securities and Exchange Commission (SEC), Breach of Duty

District Court Strikes Down $40 Million Settlement Agreement in Target Date Funds Case Based on Parallel SEC Settlement

Ropes & Gray LLP on 7/15/2025

On May 19, 2025, the United States District Court for the Eastern District of Pennsylvania (the “Court”) denied final approval of a $40 million proposed settlement in a major class action lawsuit against The Vanguard Group,...more

Delaware Court of Chancery Dismisses Marriott Data Breach Derivative Suit

Goodwin on 10/20/2021

Delaware Court of Chancery Dismisses Marriott Data Breach Derivative Suit; DOJ Announces Creation of National Cryptocurrency Enforcement Team; Fifth Circuit Applies New Standard for Disgorgement Orders In Securities Cases to...more

SEC Cracks Down on Pension Fund Advisers’ Undisclosed Compensation and Conflicts

Proskauer - The Capital Commitment on 8/12/2020

In August 2020, the SEC issued two orders against VALIC Financial Advisors Inc. (VFA) related to VFA’s management of 403(b) and 457(b) plans. These matters arise out of two of the SEC’s enforcement initiatives, the Teachers...more

SEC Sues Investment Adviser for Nondisclosure of Revenue Sharing Agreement Details

Herbert Smith Freehills Kramer on 9/3/2019

On Aug. 1, the Securities and Exchange Commission (the SEC) charged Commonwealth Equity Services LLC, dba Commonwealth Financial Network (Commonwealth), a registered independent investment adviser to private clients (but not...more

Inside the Courts – An Update From Skadden Securities Litigators - December 2018

Skadden, Arps, Slate, Meagher & Flom LLP on 12/7/2018

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between September 2018 and October 2018. ...more

Firm Sanctioned for Breach of Fiduciary Duty and Violation of the Compliance Rule

Broker-Dealer Compliance + Regulation on 4/23/2015

The SEC sanctioned a registered investment adviser for breaching its fiduciary duty by failing to disclose to its clients a conflict of interest created by a portfolio manager’s outside business activity and personal...more

This Week In Securities Litigation

Dorsey & Whitney LLP on 10/24/2014

Rengan Rajaratnam settled his insider trading case with the SEC this week, consenting to the entry of a permanent injunction and agreeing to pay disgorgement, prejudgment interest, a civil penalty and to be barred from the...more

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