Enforcement

State and federal judges in Wisconsin approved final settlement agreements with Stifel and Royal Bank of Canada to conclude an eight-year effort by five school districts to recoup $200 million lost on a risky investment product.

Former Miami budget director Michael Boudreaux will face a much lighter penalty for securities fraud than the Securities and Exchange Commission sought, after a federal court judge found that the commission overreached in its requests to have Boudreaux enjoined and fined $450,000.

The Financial Industry Regulatory Authority has ordered UBS to pay two Puerto Rican residents $18.4 million in damages, interest, and other fees over the residents’ investments in closed-end mutual funds concentrated in Puerto Rico bonds.

The SEC, in a court filing on Tuesday, said former Miami budget director Michael Boudreaux's arguments against penalties the SEC wants to impose on him for securities fraud show a lack of responsibility and respect for the jury verdict that found him guilty.

The Financial Industry Regulatory Authority found that Merrill Lynch failed to properly supervise customers’ investments in Puerto Rico bonds and closed-end funds.

The National Association of Bond Lawyers wants the Treasury Department and Internal Revenue Service to revise the management contract guidance released in August, which it says is confusing and could limit the usefulness of safe harbors in short-term contacts.

Citigroup Global Markets Inc. scrapped the closing on $377.6 million in revenue and general obligation bonds it priced for El Camino Hospital in northern California after the U.S. Justice Department subpoenaed documents from the hospital.

Connecticut and Illinois state treasurers, in partnership with shareholder activists, called for a change in Wells Fargo’s corporate bylaws to ensure an independent non-executive board chair.

Robert Crowe, the alleged fundraising expert for a pay-to-play scheme that took place in 2010 and 2011, is fighting the SEC’s fraud charges against him in Ohio federal court.

The IRS has sent auditors new procedures for information document requests sent to issuers.