First Circuit Vacates Summary Judgment Award and $93 Million Order in Revenue Sharing Case
By EsqSocial Corporation 10/04/25
On April 1, 2025, the United States Court of Appeals for the First Circuit overturned a $93 million judgment issued against Commonwealth Financial Network (“Commonwealth”) nearly one year ago in a case by the Securities and Exchange Commission (“SEC”) concerning alleged failures to adequately disclose revenue sharing payments. A three-judge panel has remanded the case to the District Court for the District of Massachusetts taking the SEC to task for its lack of evidence......
By: Ropes & Gray LLP