Results for "lawsuits"

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JPMorgan $8 billion loss to widow faces massive reduction

March 30, 2018

JPMorgan Chase & Co. will probably face a judgment of no more than $90 million in a lawsuit claiming mismanagement of an estate that initially brought a jury verdict of $8 billion in punitive damages. In September, a Dallas jury awarded excessive...

Gannett 401(k) participant sues over stock holdings in former parent company

March 26, 2018

A participant in the Gannett Co. Inc. 401(k) Savings Plan sued the company and plan executives, alleging they violated their fiduciary duties for holding too much stock in Gannett's former parent company in the 401(k) plan. "Defendants caused...

Aon Hewitt wins 401(k) lawsuit over robo-adviser kickbacks

March 21, 2018

Aon Hewitt has won a lawsuit alleging that it engaged in a kickback scheme with a 401(k) plan robo-adviser that inflated costs for retirement plan participants. The lawsuit, originally filed in January 2017 on behalf of participants in the Caterpillar...

DOL fiduciary rule: 5th Circuit decision could be big win for indexed annuities

March 21, 2018

Indexed annuities — and the intermediaries that sell them — appear to be the biggest benefactors of an appellate court's decision last week to vacate the Department of Labor fiduciary rule. While observers are divided on the ruling's implications,...

Lawsuit over exchange-traded note shows peril in democratized investing

March 19, 2018

XIV, the now infamous exchange-traded note that imploded last month, is dead and buried. But its legacy lives on in the court system. Credit Suisse Group, which issued the derivative-based product, was sued this week by an investor accusing...

Lynn Tilton's Zohar funds file for bankruptcy

March 12, 2018

New York financier Lynn Tilton, who's been at the center of legal battles over three structured debt vehicles she used to finance distressed companies, put the funds into bankruptcy with plans to refinance debt or sell assets. Filings for Zohar...

How to design a 401(k) plan that's lawsuit-proof

March 6, 2018

Lawsuits targeting 401(k) plans have become commonplace over the past decade. It's no longer much of a surprise to hear that another plan sponsor has been sued over some aspect of its plan design, and speculation is that such legal action will...

Fidelity sues former rep, Merrill Lynch for soliciting clients

March 5, 2018

Fidelity Brokerage Services has sued a former broker, Christopher Corcoran, and his new employer, Merrill Lynch, seeking to stop what Fidelity claims is Mr. Corcoran's "continuing violation of his employee agreements" and his and Merrill's "misappropriation...

Merrill Lynch tries to avoid arbitration in dozens of cases with former executives

March 5, 2018

Usually brokerages want disputes with customers and their employees heard in arbitration. But Merrill Lynch is trying to push dozens of pending arbitration cases into court, causing plaintiffs to cry foul. The cases involve about 60 former Merrill...

NYU lawsuit becomes first 403(b) fee case to go to trial

February 23, 2018

A lawsuit charging New York University with charging excessive fees in its retirement plan is heading to trial, after a federal judge on Thursday denied the university's motion for summary judgment in the case. However, the judge on Friday entirely...

Galvin's DOL fiduciary rule enforcement triggers industry plea for court decision

February 20, 2018

Industry opponents of the Labor Department's fiduciary rule are using last week's Massachusetts enforcement action to try to speed up an appeals court decision in their lawsuit. The plaintiffs warned the Fifth Circuit Court of Appeals that the...

Newbridge target of investor complaints over REIT sales

February 13, 2018

Newbridge Securities Corp. could face two dozen investor complaints from police, fireman and other Philadelphia public employees alleging millions in damages from the sale of illiquid nontraded real estate investment trusts managed by one-time...

Seller of alternative investments in fight over car dealerships

February 5, 2018

One of the current leading sellers of illiquid, high-commission alternative investments through independent broker-dealers, GPB Capital Holdings, is in the middle of an ugly dispute with a former business partner who allegedly recently reneged...

In case of Ariel v. Ariel, the little Ariel triumphs

February 2, 2018

A federal appeals court in Illinois has reversed a lower court's decision that Florida-based RIA Ariel Capital Advisors had infringed on the trademarks of Chicago-based Ariel Investments, an asset manager. In March, a federal court in Chicago...

Morgan Stanley sued for racial bias

February 1, 2018

A former Morgan Stanley wealth manager sued the bank, saying he was terminated following a "campaign of harassment," even after the settlement a decade ago of a class-action discrimination lawsuit. The suit was filed in federal court in New...

Securities class-action lawsuits set record in 2017, report finds

January 31, 2018

The number of federal securities class-action lawsuits filed in 2017 reached a record high for the second straight year, due to a sharp increase in suits targeting mergers and acquisitions, according to a report released Tuesday by Cornerstone...

Capital Group, sponsor of American Funds, wins 401(k) lawsuit

January 26, 2018

Capital Group, which sponsors the American Funds brand of investment products, has won a lawsuit alleging the company profited at the expense of its employees by loading its 401(k) plan with costly in-house funds. The decision was sure to be...

Finra arbitrators award $878,712 to broker wrongfully terminated by Ameriprise

January 24, 2018

Finra arbitrators awarded $878,712 to a broker who they found was wrongfully fired by Ameriprise Financial Services Inc., but the victor will continue to serve a Finra suspension over a related investigation until April. The Financial Industry...

Why 401(k) advisers should be aware of contractual language limitations

January 18, 2018

As counsel for investment managers and investment advisers, we endeavor to draft documents precisely, making clear the obligations of our clients and seeking to limit their exposures to the extent permissible by the Employee Retirement Income...

Lawsuits push 401(k) plan sponsors to cut fees

January 18, 2018

Employers are moving to reduce their 401(k) plan costs in greater numbers, largely in an attempt to avoid the fate of peers who've been sued for allegedly excessive fees in their defined-contribution plans, new research suggests. "[Fee pressure]...

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