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Legal Proceedings | 12 Months Ended
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Dec. 31, 2024
Loss Contingency, Information about Litigation Matters [Abstract] |
Legal Proceedings | NOTE 18 – Lega l Proceedings Our company and its subsidiaries are named in and subject to various proceedings and claims arising primarily from our securities business activities, including lawsuits, arbitration claims, class actions, and regulatory matters. Some of these claims seek substantial compensatory, punitive, or indeterminate damages. Our company and its subsidiaries are also involved in other reviews, investigations, and proceedings by governmental and self-regulatory organizations regarding our business, which may result in adverse judgments, settlements, fines, penalties, injunctions, and other relief. We are contesting allegations in these claims, and we believe that there are meritorious defenses in each of these lawsuits, arbitrations, and regulatory investigations. In view of the number and diversity of claims against our company, the number of jurisdictions in which litigation is pending, and the inherent difficulty of predicting the outcome of litigation and other claims, we cannot state with certainty what the eventual outcome of pending litigation or other claims will be. We have accrued for potential losses that are probable and reasonably estimable that may result from pending and potential legal actions, investigations, and regulatory proceedings. In many cases, however, it is inherently difficult to determine whether any loss is probable or reasonably possible or to estimate the amount or range of any potential loss, particularly where proceedings may be in relatively early stages or where plaintiffs are seeking substantial or indeterminate damages. Matters frequently need to be more developed before a loss or range of loss can reasonably be estimated. In many legal proceedings in which we have determined that a material loss (or, where an accrual has occurred, a material loss beyond the amount already accrued) is reasonably possible, we are unable to reasonably estimate the loss or range of loss. There are other matters in which we have determined a loss or range of loss to be reasonably possible, but we do not believe, based on current knowledge and after consultation with counsel, that such losses could have a material adverse effect on our company’s consolidated financial statements as a whole, although the outcome of such proceedings or investigations may significantly impact our company’s business or results of operations for any particular reporting period, or cause significant reputational harm. In our opinion, based on currently available information, review with outside legal counsel, and consideration of amounts provided for in our consolidated financial statements with respect to these matters, including the matter described below, the ultimate resolution of these matters will not have a material adverse effect on our company’s financial condition, though the outcomes could be material to our company’s operating results for any particular period, depending, in part, upon the operating results for such period. There can be no assurance that material losses will not be incurred from claims that have not yet been asserted or those where potential losses have not yet been determined to be probable or reasonably possible or where a loss or range of loss can be estimated, as well as for matters where an accrual has been recorded but for which an exposure to loss in excess of the amount accrued is reasonably possible. We believe, based on currently available information, that the outcomes of such other matters will not have a material adverse effect on our company’s financial condition, though the outcomes could be material to our company’s operating results for any particular period, depending, in part, upon the operating results for such period. SEC and CFTC Investigation of Communications Recordkeeping The Company has been contacted by each of the SEC and the CFTC in connection with an investigation of the Company’s compliance with records preservation requirements for off-channel communications relating to the broker-dealer or investment adviser business activities of the Company using personally owned communications devices and/or messaging platforms that have not been approved by the Company. The Company entered into an agreement with the SEC to resolve the SEC’s investigation pursuant to the terms of a formal offer from the Company’s subsidiary, Stifel, that was reflected in an Order entered by the SEC on September 24, 2024. The CFTC has provided the Company with a settlement offer, which the Company declined to accept. With respect to the ongoing CFTC investigation, the Company has established an accrual for potential losses that are probable and reasonably estimable, but at this time, based upon currently available information and review with outside counsel, the Company is not able to state with certainty that a settlement will be achieved or the ultimate resolution of the matter.

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