Commonwealth Financial $93 Million to SEC Pulled on Appeal (2)

Commonwealth Financial Network doesn’t have to pay the SEC over $93 million for purportedly paltry disclosures of its revenue-sharing agreement without a jury review of whether more detailed disclosures would’ve changed investors’ minds, a federal appeals court said Tuesday.

The district court shouldn’t have granted the Securities and Exchange Commission’s motion for summary judgment, a three-judge panel for the US Court of Appeals for the First Circuit said while vacating that decision and a disgorgement order, returning the case to the US District Court for the District of Massachusetts for further proceedings.

Even the SEC didn’t back up the summary ...