Regulation

The bulk of the haul came from the bankrupt crypto company Terraform Labs. But Morgan Stanley, LPL Financial, Ameriprise and other big firms also came under scrutiny.

FINRA must let the SEC weigh in before it can cast out one of its members, a three-judge panel of the U.S. Court of Appeals for the District of Columbia found.

The SEC Chair oversaw a sweeping rulemaking agenda that drew resistance from many advisory and brokerage industry representatives.

Whoever is named SEC chair by the president-elect is likely to take a lighter hand on crypto, AI and "regulation by enforcement."

Big firms would be paying $415,000 a year more by 2029, while most brokers would see a far smaller hit.

A lawyer in the case says his legal team was able to present text messages showing a Stifel wealth manager had been touting complex structured notes as low-risk investments.

Regulators say Invesco felt pressure to overstate its investment support for environmental, social and governance causes for fear that hundreds of billions in AUM would walk out the door.

Industry lawyers predict the next head of the Securities and Exchange Commission will try to be more accomodating of the ever-changing digital assets industry.

The two firms are among the many wealth managers now being sued over allegations that they failed to obtain fair returns for their clients on their uninvested cash.