Results for "lawsuits"

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Ex-Edward Jones broker sues former firm, alleging racial bias

May 25, 2018

A former Edward D. Jones broker sued the firm Thursday, claiming widespread, intentional racial discrimination in the firm's policies and practices. The ex-broker, Wayne Bland, is African-American and worked at Jones from 2014 to 2016. The lawsuit,...

In a first, University of Chicago settles 403(b) lawsuit for $6.5 million

May 24, 2018

The University of Chicago has agreed to settle a retirement-plan lawsuit for $6.5 million, becoming the first of about 20 prominent universities facing allegations over 403(b)-plan mismanagement to take such a step. Plaintiffs filed the lawsuit,...

Supreme Court decision likely to prevent brokers from filing class-action lawsuits

May 22, 2018

A Supreme Court decision handed down yesterday will likely curb brokers' ability to band together in lawsuits against broker-dealers to fight perceived wrongdoing in the workplace. In a 5-4 decision, the Supreme Court on Monday ruled that companies...

5th Circuit denies states' second attempt to defend DOL fiduciary rule

May 22, 2018

The Fifth Circuit Court of Appeals denied Tuesday another effort by attorneys general from California, New York and Oregon to defend the Labor Department's fiduciary rule. Last week, the states filed a motion asking the court to reconsider its...

States trying to save DOL fiduciary rule appeal rejection of effort to intervene

May 17, 2018

This story has been updated with new material. Another attempt to appeal a federal court ruling striking down the Labor Department's fiduciary rule is keeping the measure viable for now, but it still faces long odds of defying death. California,...

California rep files class action suit against Morgan Stanley

May 15, 2018

A former Morgan Stanley broker in San Francisco has filed a class action suit against the firm, saying that it violated California labor law and "unlawfully undercompensated" its reps in California for their work. The suit filed by Brandon Harvey,...

Philips North America reaches $17 million settlement in 401(k) lawsuit

May 15, 2018

Philips North America has agreed to pay $17 million to settle a lawsuit alleging that the company breached its fiduciary duty in connection with the management of its 401(k) plan. The settlement, which also included nonmonetary provisions, still...

Former broker in Philadelphia sentenced to five years in prison

May 7, 2018

A former broker with the Bolton Global Capital in Wayne, Pa., has been sentenced to 63 months in prison, followed by one year of supervised release, and ordered to pay $886,214 in restitution to victims of his fraud. Paul W. Smith, the former...

Wells Fargo to pay $9.5 million to reps in compensation dispute

April 30, 2018

Wells Fargo Advisors will pay $9.5 million to settle a class action suit brought by 2,198 current and former brokers in California, who had charged that the firm failed to pay commissions in a timely manner and reimburse the brokers for expenses....

UBS to pay ex-broker $381,000 in spat over loan

April 27, 2018

A Finra arbitration panel has awarded former UBS broker Wilson Dennis Colberg-Trigo $1.236 million in compensatory damages in a dispute involving his termination from the firm, but also ordered the broker to pay the firm $854,157 to settle the...

Pimco rejects claims in discrimination suit filed by executive

April 27, 2018

Pacific Investment Management Co. has responded to a suit filed by a top executive by disputing the claims by Stacy Schaus that her pay and opportunity for advancement were hampered by age and sex discrimination. The company said Ms. Schaus,...

California, New York, Oregon and AARP petition court to defend DOL fiduciary rule

April 26, 2018

A cavalry in the form of several state attorneys general and AARP, the massive interest group for retired Americans, is trying to come to the rescue of the Department of Labor's fiduciary rule, which is within days of dying in a federal court....

Ex-LPL broker's lawsuit alleges back-office snafus

April 25, 2018

A new lawsuit from a former LPL Financial adviser in New Hampshire who was fired in 2016 highlights a variety of alleged back office and service problems at the mega firm as it continues to pursue potential acquisitions of major broker-dealer...

Nevada broker sues Merrill Lynch over gender discrimination

April 24, 2018

A female broker in Nevada has sued Merrill Lynch for gender discrimination, saying the firm retaliated against her for complaining about her treatment. Betsy Whipple, who had been recruited from Morgan Stanley in 2011, said in a complaint filed...

U.S. Supreme Court debates status of SEC's in-house judges

April 23, 2018

The Supreme Court considered bolstering the president's power over federal agencies in a clash over the constitutional status of the in-house judges who handle complaints at the Securities and Exchange Commission. On Monday, the justices heard...

Litigation, scale push private colleges to adopt multiple employer plans

April 23, 2018

Pioneers circled their wagons for mutual protection, and a new trend emerging in the 403(b) space employs a roughly similar tactic. Small and independent, nonprofit private colleges — in search of ways to improve the retirement outlook for...

Ed Butowsky charges Schwab with political bias in $100 million lawsuit

April 20, 2018

Ed Butowsky, a Plano, Texas-based financial adviser who has been embroiled in a high-profile legal dispute related to the 2016 presidential election, has filed a $100 million lawsuit against Charles Schwab Corp. for kicking his advisory firm...

What a court decision teaches 401(k) advisers about choosing stable-value funds

April 19, 2018

In order to reduce their risk of fiduciary liability, 401(k) plan sponsors often seek to offer an investment menu that satisfies the requirements of ERISA Section 404(c), which eliminates the risk associated with investment choices by plan participants....

Principal sued for stacking its TDFs with proprietary funds

April 19, 2018

Principal Financial Group has been sued for allegedly loading its target-date funds with costly and underperforming in-house investments, in the latest example of 401(k) participants targeting financial firms for purportedly enriching themselves...

401(k) lawsuits being brought more aggressively against retirement plan advisers

April 17, 2018

Retirement plan advisers are increasingly being drawn into 401(k) lawsuits, as litigation creeps down market and plaintiffs' lawyers test out new legal theories to ensnare advisers, according to a panel of litigation experts speaking Monday...

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