Results for "lawsuits"

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Merrill Lynch stock-drop suit settled for $75 million

August 27, 2009

A federal judge gave final approval to a $75 million settlement between Merrill Lynch and employees who sued the New York-based brokerage house in 2007 to recover losses they sustained from holding Merrill company stock in their retirement plans....

Nuveen, Merrill and Citi slapped with suit over auction rate losses

August 26, 2009

A 77-year-old retired securities attorney and his wife are taking Nuveen Investments Inc., Merrill Lynch & Co. Inc., Citigroup and others to court over $2 million in losses they claim to have suffered from investing in auction rate securities....

Securities America and CapWest sued over allegedly misleading private placements

August 26, 2009

Investors filed a class action yesterday against Securities America Inc. — a subsidiary of Ameriprise Financial Inc — and CapWest Securities Inc., alleging that the two firms falsely represented private placement investments and used incoming...

QA3 Financial hit with $500K claim over Medical Capital notes; Securities America, others face suits

August 25, 2009

The first lawsuit over the sale of allegedly fraudulent notes issued by Medical Capital Holdings Inc. was filed last week, and more look likely to come. In what he believes is the first arbitration case involving the sale of Medical Capital...

No suit for you: Judge throws out $1B case against AIG

August 24, 2009

A federal judge in Chicago last week threw out a $1 billion lawsuit that accused AIG of committing fraud against insurance carriers in a workers’ compensation pool. In 2007, the National Council on Compensation Insurance Inc. sued New York-based...

NBA star sues adviser over $2 million account transfers

August 23, 2009

Denver Nuggets basketball star Carmelo Anthony filed a lawsuit in federal court last week alleging that his former financial and business adviser transferred more than $2 million from his accounts without his knowledge or consent. In the complaint,...

AIG fights lawsuit filed by customers who lost millions with Madoff

August 21, 2009

American International Group Inc. yesterday dismissed as “without merit” a lawsuit filed by two investors who claim the insurer should have covered the losses they suffered because they invested with Bernard L. Madoff. Robert and Harlene...

Peeved about losses, Bahamas couple files $5M arbitration claim against Merrill

August 20, 2009

A securities arbitration claim of $5 million has been filed against Merrill Lynch by a Freeport, Bahamas couple who say the preferred financial company stocks the company sold them were unsuitable, according to the law firm representing the...

Two law firms weigh class action over sales of non-typical ETFs

August 20, 2009

Two law firms are investigating potential claims on behalf of retail investors who purchased leveraged, inverse and leveraged-inverse exchange traded funds and held them in their brokerage accounts for longer than one day. The investigation...

Former executive at Securities America feared a "run on the bank'

August 16, 2009

A former top executive of Securities America feared “a panicked run on the bank” from clients who invested in private securities of Medical Capital Holdings Inc., which the Securities and Exchange Commission sued last month for fraud. Medical...

Ex-rep claims discrimination in lawsuit

August 16, 2009

A former broker with Wells Fargo Advisors LLC of St. Louis has sued the firm for sexual discrimination. Helen Berenyi, a legacy Wachovia Securities LLC broker who worked in the firm's Charleston, S.C., office, claims she was denied a fair share...

NFP liability in question after its affiliate is sued

August 9, 2009

Attorneys and executives at broker-dealer firms are questioning the extent of National Financial Partners Corp.'s potential liability in a civil suit involving a failed life settlement transaction at an NFP affiliate. In the suit filed in Ohio...

Employees name investment adviser in 401(k) suit

July 19, 2009

New targets have surfaced for lawsuits over 401(k) fees: small retirement plans, their investment advisers and service providers. A group of fewer than 30 em-ployees at a small company in Kansas has filed a lawsuit against the investment adviser,...

After settlement, firm eyes widow of rogue adviser

June 21, 2009

A financial planning firm has settled all but one claim related to an embezzlement scheme conducted by a rogue adviser over an eight-year period ending in March 2008. Hantz Financial Services Inc. of Southfield, Mich., refused to release details...

Finra sank his job chances, attorney says

June 21, 2009

A Florida attorney claims that the Financial Industry Regulatory Authority Inc. derailed his bid to become the state's top financial watchdog in retaliation for a previous legal dispute he had with the regulator. Kevin Carreno maintains that...

Former chief executive sues First Allied

June 14, 2009

Keith Gregg, former president and chief executive of First Allied Securities Inc. of San Diego, is suing the firm, claiming that he was forced out after complaining about improper practices at the company. Officials at the firm deny the charges...

Smith Barney charges broker breached a contract

May 31, 2009

Smith Barney is not letting at least one of its brokers break away without a fight. The Citigroup Inc.-owned brokerage behemoth has hit a former adviser with litigation claiming that he improperly pursued clients and used confidential information...

Ex-Smith Barney adviser hit with lawsuit, restraining order

May 26, 2009

Smith Barney has hit a former adviser with a lawsuit, an arbitration claim and a restraining order, claiming that the rep improperly pursued clients and used confidential information after he resigned from the brokerage arm of New York-based...

'Stranded' ARS investors sue for a share of pie

May 24, 2009

Investors and financial advisers who are stuck holding auction rate securities bought from “downstream” broker-dealers have begun to step up their legal claims against the major firms that marketed the investments as safe. A new class of these...

Ex-Janus manager sues for $3.8M in wages and compensation

May 1, 2009

A Denver district court is slated to hear the case Monday of a former employee of Janus Capital Management Group Inc. who charged the firm with breach of contract. The complaint, filed against the Denver-based firm’s subsidiary Janus Management...

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