( August 28, 2026, 1:43 PM EDT) -- NEW ORLEANS — A Fifth Circuit U.S. Court of Appeals panel denied a broker-dealer’s petition for review of the Securities and Exchange Commission’s denial of the broker-dealer’s motion to modify a settlement between the SEC and the broker-dealer, finding that while the settlement the parties entered into was more stringent than later similar settlements, the inequality alone does not make the denial arbitrary and capricious....