Edward Steffelin — the only individual charged in the SEC’s case involving a collateralized debt obligation sold by JPMorgan — may raise an advice-of-counsel defense, which means Orrick (and possibly Allen & Overy) might face scrutiny over their roles in the deal.

JPMorgan has agreed to pay $153.6 million — including a $133 million penalty — to resolve allegations that it marketed an ill-fated collateralized debt obligation without disclosing the role of a hedge fund that was shorting assets in the CDO.

In the largest-ever penalty paid by a Wall Street firm, Goldman Sachs on Thursday agreed to pay $550 million to settle Securities and Exchange Commission charges that it misled investors in a collateralized debt obligation by misstating and omitting key facts. Goldman admitted that it made mistakes and regretted its failure to disclose relevant information. The case was viewed as a bellwether for Robert Khuzami, director of the SEC’s Division of Enforcement, and Chairman Mary Schapiro, who vowed to ramp up agency enforcement.

Goldman Sachs Group disclosed Monday that it has received notices of investigations from FINRA and from the United Kingdom Financial Services Authority regarding its subprime mortgage dealings.