News & Analysis as of

Securities and Exchange Commission (SEC) Investment Settlement

Ropes & Gray LLP

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

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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

SEC Compliance Consultants, Inc. (SEC³)

Nine Advisers Face $1.24 Million Fallout from SEC’s Marketing Rule Sweep

September 30 is the SEC’s fiscal year-end, so it's no surprise to see an uptick in enforcement cases this month. The latest slew of settlements involved violations of the Marketing Rule (Advisers Act Rule 204(4)-1) for...more

Proskauer Rose LLP

Unrepresentative Returns: SEC Sanctions Hedge Fund Manager for Misleading Marketing Practices

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On June 14, 2024, the SEC announced an enforcement action settlement with a Pennsylvania-based hedge fund manager for violating the Marketing Rule under the Investment Advisers Act. The SEC found that the adviser had misled...more

Seward & Kissel LLP

SEC Releases Materials on T+1 Settlement Cycle Adoption in Advance of May Compliance Date

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Who may be interested: Registered-Investment Companies; Investment Advisers; Broker-Dealers - Quick Take: In May 2023, the SEC adopted several Rules and Rule amendments which, among other things, shorten the standard...more

Cornerstone Research

Number of Securities Class Action Settlements Falls as Median Settlement Amount Reaches Highest Level Since 2010

Cornerstone Research on

The number of securities class action settlements declined 21% relative to 2022, following the 15-year high set in 2022, according to a new report released today by Cornerstone Research. Despite the decline in settlement...more

Cornerstone Research

Spike in Fourth Quarter SEC Accounting and Auditing Enforcement Activity Results in Notable Increase in FY 2023

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The U.S. Securities and Exchange Commission expanded its accounting and auditing enforcement activity in fiscal year 2023, while monetary settlements dropped for the second consecutive year, according to a new report released...more

Seward & Kissel LLP

SEC Settles Charges with Mutual Fund Adviser for ESG Related Violations

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Who may be interested: Registered Investment Companies, Investment Advisers. Quick Take: The SEC recently settled charges with an investment adviser relating to misstatements the Adviser made concerning its procedures...more

Akin Gump Strauss Hauer & Feld LLP

The Latest Settlements in the SEC’s 'Off-Channel' Communications Sweep: What This Means and What’s Next

Key Points - Last week, the SEC announced settlements with 10 broker-dealers and affiliated investment advisers in connection with their failures to maintain and preserve electronic “off-channel” communications....more

Seward & Kissel LLP

SEC Settles Charges with Registered Investment Adviser over Valuation Policies and Procedures

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Who may be interested: Registered Investment Advisers, Boards of Directors, Compliance staff - Quick Take: The SEC settled charges against a registered investment adviser (Adviser) for failing to adopt and implement...more

Seward & Kissel LLP

SEC Settles Charges with Adviser for Failure to Disclose Conflicts of Interest Related to SPACs

Seward & Kissel LLP on

Who may be interested: Registered Investment Advisers. Quick Take: The SEC settled charges against a registered investment adviser alleging that the adviser failed to timely disclose to its private fund clients its...more

Seward & Kissel LLP

Former Fund Portfolio Manager Charged for Failing to Disclose Conflict of Interest

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Who may be interested: Investment Advisers, Boards of Directors to Investment Companies. Quick Take: A former portfolio manager for a registered closed-end fund settled charges with the SEC for failing to disclose a...more

Butler Snow LLP

Failure to Update Budget Projections in Bond Offering Prompts the SEC to Charge the School District and the CFO with Misleading...

Butler Snow LLP on

On September 16, 2021, the Securities and Exchange Commission (the “SEC”) charged Sweetwater Union High School District, a San Diego County School District (the “District”) and its former Chief Financial Officer (the “CFO”),...more

Carlton Fields

SEC Adopts T+2 Securities Settlement Cycle

Carlton Fields on

On March 22, the Securities and Exchange Commission (“Commission”) adopted a rule amendment that shortens the time by which most securities transactions effected by a broker-dealer are required to settle. Under the amendment,...more

Stinson LLP

SEC Proposes Shortening Broker-Dealer Settlement Cycle to T+2

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On September 28, 2016, the U.S. Securities and Exchange Commission (SEC) submitted a proposal to shorten the settlement cycle for broker-dealer transactions to two days after the trade date (T+2). The proposal would amend...more

Stinson - Corporate & Securities Law Blog

SEC’s Proposed Rules for Expedited Settlement May Impact Long-Standing Exception for Firm Commitment Offerings

The SEC has agreed to propose rules that would shorten the standard settlement cycle for most broker-dealer transactions from three business days after the trade date (also known as T+3 settlement) to two business days after...more

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