A New York federal judge has thrown out a proposed class action lawsuit filed against Credit Suisse AG subsidiaries and the bank's auditor, KPMG, in the wake of the Swiss bank's sudden takeover, saying that suing investors could not skirt an earlier state ruling that found the case did not belong in the U.S.
The U.S. Securities and Exchange Commission on Friday announced that a brokerage subsidiary of financial services firm Teachers Insurance and Annuity Association of America has agreed to pay $2.2 million to settle allegations that it failed to steer investors toward lower-cost products in violation of Regulation Best Interest.
A California federal judge has told Elon Musk that he must appear before the U.S. Securities and Exchange Commission to testify about his $44 billion purchase of the social media platform formerly known as Twitter, waving off the billionaire's assertions that the agency was harassing him via a series of seemingly endless investigations.
Citadel Securities LLC and the American Securities Association have laid out their objections to a U.S. Securities and Exchange Commission directive that requires brokerage firms to fund the buildup of a database known as the consolidated audit trail, telling the Eleventh Circuit that the tool created an "Orwellian surveillance regime" that puts American investors at risk of being hacked.
The D.C. Circuit spent more than two hours Thursday debating the future of the Financial Industry Regulatory Authority, with the judges seemingly divided on whether the private organization is subject to the same constitutional restraints imposed on government agencies, or if it can continue punishing broker-dealers that violate its rules without additional oversight.