Twenty-six financial firms agreed to pay about $393 million in total fines after the US Securities and Exchange Commission said they failed to keep their employees’ electronic communications, the latest fallout from the regulator’s so-called WhatsApp investigations.
The SEC said that Ameriprise Financial Inc., Edward D. Jones & Co., LPL Financial Holdings Inc., Raymond James Financial Inc. will pay $50 million each to settle cases with the agency. A Royal Bank of Canada unit will pay $45 million, while parts of Toronto-Dominion Bank, Truist Financial Corp. and Bank of New York Mellon Corp. were also among those agreeing to penalties, the SEC said.
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