Represented by Cravath and Greenberg Traurig, the retailer Big Lots alleges that Retail Intelligence Group induced at least 72 store managers to divulge trade secrets and confidential information, causing its stock to fall.

Historically, only hedge funds that turned out to be Ponzi schemes had to worry much about the agency coming after them. But with its suit against Southridge Capital, the SEC is taking a hard, new look at hedge fund operating procedures.

Is this case an indication of a more aggressive SEC? The agency went after the accounting giant and eight individuals with "all the weapons it had," according to one former SEC lawyer.

The SEC had a very busy week, announcing new initiatives and division heads and calling on Congress to give it new powers. But the assiduous enforcement tracker says the agency still lacks the "tone and vision" to bring "a new ethic" to the business world.