Securities and Exchange Commission (SEC), Sanctions, Appeals

First Circuit Reverses SEC Win in $93 Million Investment Adviser Disclosure Case

Jones Day on 4/9/2025

The court rejects the SEC's per se materiality argument and requires proof of a causal connection between the defendant's allegedly inadequate disclosures and purported unlawful profits....more

SEC Holds Kokesh Does Not Impact FINRA Industry Bar

WilmerHale on 8/28/2019

On August 23, 2019, the Securities and Exchange Commission (SEC or Commission) held in In re John M.E. Saad that the US Supreme Court’s decision in Kokesh v. SEC had no impact on the Financial Industry Regulatory Authority’s...more

Red Notice Newsletter - August 2018

Akin Gump Strauss Hauer & Feld LLP on 9/6/2018

ANTICORRUPTION DEVELOPMENTS - $34 Million SEC Settlement for Legg Mason - On August 27, 2018, the Securities and Exchange Commission (SEC) announced that Legg Mason Inc. will pay more than $34 million to settle an...more

D.C Circuit rejects constitutional challenge to SEC’s use of administrative law judges

Ballard Spahr LLP on 8/11/2016

A challenge to the constitutionality of the SEC’s use of administrative law judges (ALJ) was rejected by the U.S. Court of Appeals for the D.C. Circuit. In Raymond J. Lucia Companies, Inc. et al. v. Securities and Exchange...more

Bridging the Week - August 2015 #5

Katten Muchin Rosenman LLP on 9/1/2015

Charles Schwab Fined US $2 Million by FINRA for Net Capital Deficiencies: Charles Schwab & Co. agreed to pay US $2 million to the Financial Industry Regulatory Authority to resolve allegations that it had net capital...more

Stepping Into the Ring Against the SEC and FINRA: Sometimes It Pays to Duke It Out Against the Regulators

Eversheds Sutherland (US) LLP on 12/20/2012

Originally published in Thomson Reuters - Securities Regulation Law Journal - Winter 2012. Faced with the possibility of litigating against the Securities and Exchange Commission (SEC) or the Financial Industry...more