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SEC sued over its recordkeeping fines relating to messaging apps

Image of two people working on their laptops at a coffeeshop.
Photo: Robert Nickelsberg/Getty Images

Suit follows refusal by the SEC to disclose its enforcement records in response to a FOIA request.

The American Securities Association (ASA) has filed suit in US District Court in Florida to force the SEC to turn over enforcement documents detailing how it arrived at the $1.6 billion in penalties it levied against broker-dealers for their recordkeeping failures over the past couple of years.

The ASA represents some