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Securities Litigation Chair Brian Miller  discussed what enforcement actions can be expected from the SEC in 2022 in an article for Law360. The expectation is high that Biden’s SEC will be tougher on Wall Street than the previous administration, possibly surpassing the levels seen during the Obama years. There are five types of actions in particular to look out for: first-of-its-kind, insider trading, crypto, targeting individuals, and ESG (environmental, social, and government issues). Miller predicts the ESG actions will focus on greenwashing, which is when companies misrepresent the sustainability of their business or products.

“At first, I predict the SEC will bring cases against ‘low-hanging fruit’ of private companies raising funds by falsely claiming to be environmentally friendly,” Miller said. “Then I predict we will see only a small handful of ‘messaging’ cases against public companies for overstating their ESG advantages.”

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