The Securities and Exchange Commission’s latest enforcement action—charging several broker-dealers and investment advisers for recordkeeping violations—has sent a wave of defense work to a group of big law firms.
Defense counsel for 16 companies and firms charged by the SEC include Foley & Lardner, Milbank, Sidley Austin, and Simpson, Thatcher & Bartlett.
The SEC on Friday announced charges against 16 firms, including five broker-dealers, seven broker-dealers and investment advisers, and four affiliated investment advisers, for “widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications,” according to an agency release.
‘Enforcement 40’ for 2020
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