Hogan Lovells Cadwalader is a global law firm trusted by clients to deliver on complex, high-stakes matters.
Operating at the intersection of business, finance, and government, we bring an unwavering commitment to client service and the decisive counsel that helps clients achieve exceptional results.
Consistently recognized for innovation across legal services, we combine sharp judgment with deep commercial perspective and intellectual rigor to address critical, cutting-edge challenges.
With 3,100 lawyers worldwide, we offer global scale with strong local insight in the markets that matter most. Our commitment extends beyond client work through pro bono activities, community investment, and responsible business practices.
A broker-dealer agreed to pay approximately $15 million to settle SEC charges of failing to supervise residential mortgage-backed securities ("RMBS") traders and salespersons.
within Intellectual Property, International Law, Litigation and Mediation & Arbitration topic(s)
A broker-dealer agreed to pay approximately $15 million to
settle SEC charges of failing to supervise residential
mortgage-backed securities ("RMBS") traders and
salespersons.
According to the Order, employees of the broker-dealer Merrill
Lynch, Pierce, Fenner & Smith Inc. ("Merrill Lynch")
(i) misled their customers into overpaying for RMBS and (ii)
profited from undisclosed commissions. Although Merrill Lynch had
the policies and supervisory means in place to manage this, the SEC
alleged that it failed to implement its procedures
appropriately.
Merrill Lynch will pay civil penalties of approximately $5.2
million and repay approximately $10 million to its customers.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
