Results for "lawsuits"

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Energy funds adviser settles with SEC over fees

August 15, 2017

The SEC settled with the investment adviser for four private oil and gas funds over the miscalculation and inadequate disclosure of approximately $1.1 million in management fees and $449,000 in management-related expenses. The firm, Denver-based...

Court orders RIA to pay nearly $2 million for defrauding athletes

August 10, 2017

The Securities and Exchange Commission has obtained a final judgement against Pittsburgh, Pa.-based financial adviser Louis Martin Blazer III, who was accused of taking money without permission from the accounts of several professional athletes....

Adviser denies any role in fake news story about murdered DNC staffer

August 4, 2017

Outspoken financial adviser Ed Butowsky, who earlier this week found himself at the center of a bombshell lawsuit alleging he was directly involved in concocting a phony news story about a murdered Democratic National Committee staffer, said...

Edward Jones broker terminated over client gift is barred by Finra

August 3, 2017

The Financial Industry Regulatory Authority Inc. has barred a former Edward D. Jones broker for failing to appear for on-the-record testimony in connection with its investigation of his firm's allegation that he accepted a gift from a client...

Finra bars broker, firm principals for $5 million account churning

August 2, 2017

A Finra hearing panel has barred broker Edward Beyn and the principals of his former employer, Craig Scott Capital of Uniondale, N.Y., from the securities industry for churning customer accounts. The Financial Industry Regulatory Authority said...

Wells Fargo wants mistakenly sent client data returned

July 25, 2017

Wells Fargo, which says one of its outside lawyers mistakenly misdirected a staggering 1.4 gigabytes of sensitive information about tens of thousands of its wealthy clients, wants the information returned. The bank has asked judges in New York...

Appointing and monitoring a 401(k) investment manager under ERISA

July 13, 2017

Employee-benefit attorneys advising retirement plan sponsors frequently mention that plan fiduciaries are not liable for the acts or omissions of an appointed investment manager, and aren't obligated to invest or otherwise manage plan assets...

10 big settlements in 401(k) excessive-fee lawsuits

July 13, 2017

Lawsuits attacking allegedly excessive 401(k) fees, both for investment management and recordkeeping and administration, have proliferated since roughly the middle of the 2000s, when attorney Jerry Schlichter began bringing them en masse against...

American Airlines reaches $22 million settlement in 401(k) self-dealing lawsuit

July 11, 2017

American Airlines Inc. has agreed to settle a 401(k) self-dealing lawsuit for $22 million, one of the largest monetary settlements reached in similar class-action litigation. Plaintiffs brought the suit, Main et al v. American Airlines Inc....

Fund manager MFS sued for self-dealing in its 401(k) plans

July 10, 2017

MFS Investment Management has been sued for self-dealing in its company 401(k) plans, becoming the latest fund firm to be targeted for stocking its retirement plan primarily with proprietary investments. The plaintiff in the lawsuit, Velazquez...

ARCP Ex-CFO Brian Block guilty of securities fraud

June 30, 2017

A New York federal jury on Friday found Brian Block, the former chief financial officer of American Realty Capital Properties Inc., a giant REIT once controlled by Nicholas Schorsch, guilty of cooking the books at the net lease real estate investment...

UBS loses $793,000 in Puerto Rico bond arbitration case

June 28, 2017

A Finra all-public arbitration panel has awarded claimants $793,077.61 in a case involving the sale of Puerto Rico municipal bonds by UBS. The claimants — Madeleine Carrero, individually and as trustee of Fideicomiso Ulises Barros and Ulises...

Nationwide's 401(k) record-keeping fees are excessive, lawsuit claims

June 28, 2017

Nationwide has been sued for allegedly charging 401(k) plans excessive record-keeping and administration fees in a lawsuit that also challenges the practice of assessing fees based on the amount of plan assets. Plaintiff Alana Schmitt, a participant...

Waddell & Reed latest active fund manager sued for 401(k) self-dealing

June 28, 2017

Waddell & Reed Financial Inc., which sponsors the Waddell & Reed and Ivy-branded investment funds, has been sued for self-dealing in its own 401(k) plan, joining a string of other asset managers to have been targeted recently for similar allegations....

Supreme Court to consider role of Dodd-Frank provision in corporate whistle-blower case

June 26, 2017

The U.S. Supreme Court agreed to consider the reach of an anti-retaliation provision in the 2010 Dodd-Frank financial law in a case that could insulate publicly traded companies from some whistle-blower lawsuits. The justices will hear an appeal...

Voya's win in 401(k) fee suit involving Financial Engines bodes well for other record keepers

June 22, 2017

The dismissal of a lawsuit against Voya Financial Inc. for its relationship with 401(k) robo-adviser Financial Engines could be a harbinger of success for other major retirement-plan record keepers locked in similar legal battles. Judge Lorna...

Putnam, Fidelity win respective 401(k) lawsuits

June 20, 2017

Putnam Investments and Fidelity Investments have prevailed in separate legal fights centering on their fiduciary duty to retirement plans, at a time when financial services companies are increasingly being targeted for 401(k) self-dealing. A...

Brian Block trial witness says Nicholas Schorsch had hand in cooking the books at ARCP

June 20, 2017

A key witness in the trial of Brian Block, the former chief financial officer of a giant real estate investment trust once controlled by Nicholas Schorsch, suggested Monday that Mr. Schorsch had a hand in cooking the company's books by directing...

Accounting at ARCP center of fraud charges against Brian Block

June 15, 2017

A former high-ranking executive at American Realty Capital Properties Inc. testified on Tuesday afternoon and Wednesday that in emails and meetings in 2014 he repeatedly raised the warning of an accounting mistake in the real estate investment...

Capital Group, the sponsor of American Funds, sued for self-dealing in its 401(k) plan

June 15, 2017

The recent lawsuit lodged against The Capital Group Companies Inc. for alleged self-dealing in the company's 401(k) plan is one of several similar legal battles being waged with large asset managers, and could prove difficult for plaintiffs...

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