At least five major law firms, including Sullivan & Cromwell, Davis Polk & Wardwell, Bracewell, Milbank, and Meeks, Butera & Israel, were enlisted to defend credit rating agencies charged by the SEC for significant recordkeeping failures. The agencies, including Moody’s, S&P Global Ratings, and Fitch, agreed to pay over $45m in combined civil penalties, with Moody’s and S&P each paying $20m. The charges stem from violations of federal securities laws, highlighting increased enforcement under the Biden administration.