Law360, New York (September 15, 2016, 12:37 PM EDT) -- The U.S. Securities and Exchange Commission filed a cease-and-desist settlement agreement Wednesday with energy-focused private equity firm First Reserve Management LP for $3.5 million on charges that the group held conflicts of interest in its funds that it failed to disclose to investors, including legal fees.
First Reserve negotiated a legal fee discount from an unnamed law firm for itself for services based on the large volume of work the firm performed for the funds, but the funds didn’t receive a discount on those services, the SEC charged. First Reserve, a Cayman Islands limited partnership headquartered in Greenwich, Connecticut, settled the...
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