Thirty-six municipal underwriting firms settled enforcement actions brought by the Securities and Exchange Commission related to their use of municipal offering statements that contained allegedly materially false statements or omissions. The SEC brought its actions under its “Municipalities Continuing Disclosure Cooperation Initiative,” announced in 2014, that offered favorable terms to municipal underwriters who self-report securities law violations rather than wait for such violations to be detected. (Click here for details in the article “SEC to Municipal Issuers and Underwriters: Come One, Come All – Turn Yourself In” in the March 17, 2014 edition of Bridging the Week.) The SEC also charged the firms with failure to conduct adequate due diligence to detect their false statements or omissions. Among the firms paying the largest fines – US $500,000 – were Goldman Sachs & Co., JP Morgan Securities, and Merrill Lynch, Pierce, Fenner & Smith. In aggregate, the firms agreed to pay US $9.29 million in fines.