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At least nine large law firms drew work from the U.S. Securities and Exchange Commission’s latest enforcement action this Wednesday targeting 26 broker-dealers, corporate insiders and others for widespread recordkeeping failures. Davis Polk & Wardwell; Sidley Austin; Foley & Lardner; Milbank; Wilmer Cutler Pickering Hale and Dorr; King & Spalding; K&L Gates; Schulte Roth & Zabel; and Morgan, Lewis & Bockius were among the firms listed as defense counsel. Those charged have admitted to violating federal securities laws and have agreed to pay a combined $392.75 million in civil penalties. Edward D. Jones & Co.; Ameriprise Financial Services; LPL Financial; and Raymond James & Associates were hit with some of the largest fines, with each agreeing to pay $50 million in penalties respectively. The SEC's announcement is the latest example of work coming to firms amid robust enforcement activities from the Biden administration.

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August 15, 2024, 5:00 AM