Investment Management Update - January 2015
Investment Management Update – Fees and Expenses
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
Washington AG Bob Ferguson has reached a settlement with Seattle Arena Company, LLC, which operates Climate Pledge Arena, to resolve allegations that the company collected a hidden fee on certain food and beverage sales in...more
Most of the Federal Trade Commission’s (FTC) law enforcement actions involving payment processors have exclusively focused on allegations that processors did not do sufficient due diligence before onboarding questionable...more
FDIC Directs Banks to Provide Notice Before Engaging in Crypto-related Activities According to guidance recently issued by the FDIC, banks that it supervises and that intend to engage in, or are already engaged in, activities...more
In recent years, the SEC has been conducting a nationwide and industry-wide “sweep” of investment advisory firms, pursuant to which it has opened investigations and brought enforcement actions against a multitude of...more
On January 14, 2021, Minnesota Attorney General Keith Ellison (Minnesota AG) announced that his office reached a settlement with a California-based student loan debt-relief company that allegedly collected unlawful fees...more
In This Issue. The U.S. Department of the Treasury (Treasury) and the Small Business Administration (SBA) released an interim final rule to reflect changes made by H.R. 7010, the Paycheck Protection Program Flexibility Act,...more
During the past several years, the US Securities and Exchange Commission (SEC) has settled more than a dozen cases where the SEC alleged (with the firms neither admitting nor denying the charges) that investment advisers...more
On April 25, the FTC filed a complaint against Lending Club in the district court for the Northern District of California. The complaint alleges that Lending Club’s online advertising “lures prospective borrowers by promising...more
FCM Agrees to Pay US $800,000 Fine to CFTC Because of US $1.1 Million in Erroneous Customer Exchange Fees Charges: Barclays Capital, Inc. agreed to pay a fine of US $800,000 to the Commodity Futures Trading Commission to...more
The private equity industry should carefully consider the implications of a recent Securities and Exchange Commission ("SEC") enforcement action. In it, the SEC, for the first time, sanctioned an SEC-registered private equity...more
The Washington State Attorney General recently filed an action in state court against a student loan debt adjustment firm and its individual principal alleging that the firm charged illegal fees and failed to provide required...more