Results for "lawsuits"

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How to balance marketing and compliance

December 1, 2017

As InvestmentNews noted in its Sept. 14 article, the Securities and Exchange Commission issued a risk alert based on the results of a 2016 exam (The Touting Initiative) that focused on common marketing and compliance missteps. The findings prompt...

Texas REIT sues hedge fund boss Kyle Bass

November 30, 2017

A troubled real estate development company in Texas, United Development Funding, on Tuesday filed a lawsuit against hedge fund boss Kyle Bass for making allegedly "false and disparaging statements" in 2015 conveying that various UDF real estate...

UBS broker-protocol exit shows independent channel is bleeding wirehouses of advisers

November 27, 2017

UBS Wealth Management America's decision to leave an industry agreement known as the protocol for broker recruiting is a clear indication that the large wirehouse firms are losing more brokers through attrition than they are gaining from recruiting,...

Excessive-fee litigation in retirement plan market moving downstream

November 22, 2017

A series of civil actions filed against the sponsors of 403(b) plans last summer named as defendants several large universities, including the Massachusetts Institute of Technology, Yale, New York University, Duke, Vanderbilt, University of...

Filial laws put kids on the hook for parents' health-care costs

November 22, 2017

State laws known as filial responsibility laws have the potential to stick unwitting family members with relatives' hefty long-term-care costs. One of the best-known examples comes from a court case in Pennsylvania, in which a man was ordered...

Wells Fargo sued, again, for using in-house funds in 401(k) plan

November 21, 2017

Just as Wells Fargo & Co. escaped from the jaws of one 401(k) lawsuit over in-house funds, it's now ensnared in another. In a rare move, a federal judge dismissed a lawsuit against the company in May alleging breach of fiduciary duty for self-dealing,...

J.P. Morgan settles lawsuit on alleged fiduciary breach in stable value funds

November 8, 2017

An ERISA class-action lawsuit against J.P. Morgan Chase alleging a breach of fiduciary duty in its stable value fund by a class of participants has been settled for $75 million, a court document announcing the agreed settlement shows. The settlement...

Bridgewater founder defends co-CEO Greg Jensen as a 'man of high character'

November 7, 2017

Ray Dalio, Bridgewater Associates' founder, defended top executive Greg Jensen from allegations of a personal relationship with a female employee, saying he's a "man of high character." Dalio said in a statement issued Tuesday that "I would...

Judge grants injunction against DOL fiduciary rule in Thrivent lawsuit, halts case

November 6, 2017

A Minnesota federal judge has issued a preliminary injunction against the Labor Department's fiduciary rule, but also has granted a stay in the case. In a Nov. 3 decision, U.S. District Judge Susan Richard Nelson held that Thrivent Financial...

Broker says she was fired for raising red flag about a wealthy client

November 1, 2017

More than eight years after she was fired from JPMorgan Chase & Co.'s private wealth management group, Jennifer Sharkey told jurors the experience was "like your whole life is taken away from you." Sharkey testified at her trial in Manhattan...

TIAA may be pushing unsuitable products, whistleblowers say

October 23, 2017

This story has been updated to include a statement from TIAA. In attempts to become more like other financial powerhouses, the retirement-plan giant TIAA might be violating its fiduciary duty by pushing customers into unsuitable products that...

PIABA selects Andrew Stoltmann as new president

October 23, 2017

Chicago attorney Andrew Stoltmann has been selected as president of the Public Investors Arbitration Bar Association, replacing outgoing Ohio attorney Marnie Lambert. PIABA is a not-for-profit, voluntary bar association of lawyers who represent...

Xerox wins lawsuit alleging 'kickback' scheme with Financial Engines

October 23, 2017

Xerox HR Solutions has won a lawsuit alleging it engaged in a pay-to-play scheme with the robo-adviser Financial Engines, marking the third defeat this year for plaintiffs bringing such charges against 401(k) record keepers. Xerox's defined...

Lawsuit filed against first state auto-IRA program

October 13, 2017

The ERISA Industry Committee in Washington is seeking an injunction against new reporting requirements from the Oregon Retirement Savings Board in a complaint filed in U.S. District Court in Salem, Ore. The national association advocating for...

Prudential wins appeal of 401(k) fee lawsuit

October 12, 2017

Prudential Financial Inc. has again won a lawsuit alleging it breached its fiduciary duties by receiving revenue-sharing payments from investment options in a client's 401(k) plan. The lawsuit, Rosen v. Prudential Retirement Insurance and Annuity...

Painful end for advisers who bought RCAP shares

October 5, 2017

For advisers and executives who owned shares of RCAP, the defunct, mammoth brokerage firm formerly controlled by Nicholas Schorsch, a painful financial chapter of their lives ended last month. A federal judge in New York approved the settlement...

General Electric 401(k) participants sue over poor-performing GE Asset Management funds

September 28, 2017

Three participants in General Electric Co.'s 401(k) plan filed a lawsuit against the company, alleging it violated the Employee Retirement Income Security Act of 1974 by breaching its fiduciary duties. The lawsuit, filed in U.S. District Court...

Ex-Morgan Stanley broker at center of Puerto Rico bond disputes

September 28, 2017

The Puerto Rico municipal bond mess has landed on the doorstep of Morgan Stanley, with mounting arbitration claims against the firm stemming from sales of the bonds and closed-end funds from a former broker in Miami. The broker, Angel Aquino-Velez,...

Lynn Tilton wins SEC fraud trial

September 27, 2017

Lynn Tilton, whose aggressive management style made her a success on male-dominated Wall Street, won a Securities and Exchange Commission trial she'd spent months fighting to avoid. SEC administrative law judge Carol Fox Foelak ruled in favor...

Judge dismisses lawsuit by Wells Fargo 401(k) participants

September 26, 2017

A U.S. District Court judge in Minneapolis dismissed a lawsuit by participants in Wells Fargo's 401(k) plan, saying the plaintiffs failed to demonstrate that plan executives breached their fiduciary duties under the Employee Retirement Income...

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