• Home
  • About
  • ‘Enforcement 40’ for 2020
  • Webcasts
  • Enforcement Hall of Fame
  • Contact
Securities Docket
Experts in Risk
  • Class Actions
  • Criminal
  • Events
  • Features
  • Global
  • People
  • SEC
Browse: Home / 2008 / September / 25 / Report: SEC Preparing Enforcement Action Against RBC

Report: SEC Preparing Enforcement Action Against RBC

By Securities Docket on September 25, 2008, 6:37 am

 title=The SEC is reportedly preparing an enforcement action against Royal Bank of Canada, Canada’s largest bank, as part of its investigation into the collapse of the $330-billion auction-rate securities market.  The Financial Post reports that the bank is “at the top of the list for enforcement agents” at the SEC, stating that two officials at at the agency have acknowledged they are preparing a federal enforcement action against RBC that would make RBC one of the first Canadian banks to be called to account for its role in the credit crisis.

The SEC is actively pursuing a case against RBC “after previous investigations found firms dealing in auction-rate securities misled customers into believing the financial products were safe and highly liquid investments comparable to cash deposits,” the article states.

An RBC executive said Wednesday the bank was working with regulators and expected to reach a comprehensive settlement with U.S. authorities.

RBC is also the target of a class action law suit from customers of the bank on similar issues filed by law firm Girard Gibbs.

Read the Financial Post article

Posted in SEC | Tagged Features, Subprime

« Previous Next »

Subscribe

‘Enforcement 40’ for 2020

Ankura

Our Sponsors

Securities-Docket_260x125_14Sec Ankura 260x125

Join Us On LinkedIn

Join the Securities Litigation and Enforcement Group on LinkedIn

Archives

Copyright © 2023 Securities Docket.

  • Home
  • About
  • ‘Enforcement 40’ for 2020
  • Webcasts
  • Enforcement Hall of Fame
  • Contact
  • Criminal
  • Class Actions
  • Features
  • Global
  • People
  • SEC
  • Events