SEC, FINRA Enforcement Roundup: Shareholder Suit Against UBS Reinstated
In recent enforcement news, an appeals court reinstated a suit against UBS subsidiaries by two Puerto Rico-based pension funds over a $757 million bond purchase.
SEC’s Top Cop, Khuzami, to Leave
The SEC’s top cop, Robert Khuzami, plans to leave the agency later this month after four years as its enforcement director, the SEC announced Wednesday.
Goldman Loses Appeal on $20M FINRA Clearing Case
Goldman acted as a clearing broker and prime broker for hedge funds associated with the Bayou Funds, an alleged Ponzi scheme that collapsed in 2005.
New Hire Roundup: Putnam Adds Three; Wagner Retires From BlackRock, Joins Board
This week in new hires, David Scheetz, Edward Deeds and James Axford joined Putnam Investments; and Susan Wagner retired as vice chairwoman of BlackRock and was named to its board.
Blow to Morgan Keegan as Appeals Court Tosses Out Ruling Against SEC
Decision by the U.S. Court of Appeals vacated a lower court’s summary judgment against the SEC in a case involving Morgan Keegan’s handling of auction rate securities.
New Hire Roundup: Solomon Named to SEC; Securities America Welcomes Lindsey
This week in new hires, Matthew Solomon joined the SEC's enforcement division and John Lindsey went to Securities America.
On 5th Anniversary of FPA’s Win on ‘Merrill Rule,’ Fight Continues
Lawsuit whose victory surprised and delighted many changed the conversation in Washington while industry still awaits shape of a final fiduciary rule.
Supreme Court Rules in Favor of Arbitration–Again
Last Tuesday, the Supreme Court ruled in Compucredit Corp. v. Greenwood in favor of what the law firm Sutherland Asbill & Brennan says is the latest in a series of opinions that have 'come down firmly on the side of the enforceability of consumer arbitration agreements.'
New Hire Roundup: Conley Rises at SEC
This week in new hires, Michael A. Conley was named deputy general counsel in the SEC’s office of general counsel. Also, Scott L. Lummer was named CIO and head of Savant Investment Group’s new Santa Rosa office.
U.S. Court Curbs FINRA’s Disciplinary Powers
A federal appeals court in Manhattan ruled Wednesday that FINRA did not have the right to take its members to court to enforce its disciplinary actions.