Results for "lawsuits"

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Death benefits ruling may make life tough for advisers

November 28, 2010

A recent ruling by New York's top court regarding life settlements may be good news for hedge funds, but it could slam advisers and brokers who facilitate these transactions. On Nov. 17, the New York State Court of Appeals ruled that state law...

Bank of America settles sex suit with Merrill broker

November 17, 2010

Bank of America Corp. settled a lawsuit filed by a broker who claimed the bank’s Merrill Lynch & Co. unit discriminates against women through its partnership model. Jamie Goodman, a broker who worked at Merrill since 1992, sued last year in...

Schwab's about-face on suit triggers downgrade

November 14, 2010

FBR Capital Markets downgraded The Charles Schwab Corp. last week on concerns that the company could face more litigation from investors. FBR expressed concern in a report about Schwab's recent decision to terminate a settlement agreement that...

NFL players at risk of financial roughing

October 31, 2010

Several current and former National Football League players recently have found themselves ensnared in alleged Ponzi schemes or legal battles over failed investments. Last month, former Denver Broncos quarterback John Elway re-vealed that he...

SEC gets OK to nix mandatory arbitration

October 17, 2010

A little-known provision within the Dodd-Frank law gives the Securities and Exchange Commission the power to remove mandatory-arbitration language from client-broker agreements, which could expose broker-dealers to huge costs, according to observers....

Shock waves of 2008 reverberate in arbitration awards

October 17, 2010

Dozens of plaintiffs suing brokerage firms this month have seen a veritable gusher of multimillion-dollar awards, leaving some plaintiff's attorneys anticipating a continued stream of such arbitration rulings. The awards, all decided by Financial...

J.R. Ewing hits a gusher: $11.5M arbitration award

October 10, 2010

Larry Hagman, the actor best known for portraying the ruthless J.R. Ewing on the 1980s hit show “Dallas,” has won an $11.5 million arbitration claim against Citigroup Global Markets Inc. The claim stemmed from unspecified securities in accounts...

Investors turn to advisers for records related to market-timing scandals

October 3, 2010

The mutual fund market-timing scandal of 2003, which may seem like ancient history to some, is coming back to haunt many financial advisers. Over the past few months, thousands of mutual fund investors have begun receiving notices from fund...

Securities America pins blame on MedCap in Reg D showdown

October 3, 2010

Securities America Inc. and the Massachusetts Securities Division locked horns last week over the regulator's charges that the firm misled 60 investors in the state who bought $7.2 million in Medical Capital notes from the firm's reps. The case...

Fidelity ordered to pay $110K to elderly client with Parkinson's

September 26, 2010

A Finra arbitration panel on Sept. 17 awarded a client of Fidelity Brokerages Services LLC $110,000 because her account got lost in the shuffle at the mutual fund and brokerage giant. “It was Fidelity's system, under which clients were repeatedly...

Will Supreme Court reverse decision in Janus lawsuit?

September 19, 2010

The securities industry hopes that the Supreme Court will reverse a lower-court decision that it fears could put all mutual fund companies and financial advisers who sell their funds at a greater risk of being targets of class actions, observers...

Goldman Sachs sued for alleged discrimination

September 15, 2010

Goldman Sachs Group Inc. was sued by three former female employees who claim they faced discrimination in pay and fewer opportunities for promotion than men at the firm. “The violations of its female employees' rights are systemic, are based...

Another lawsuit filed over Schwab bond fund

September 12, 2010

The Charles Schwab Corp. has been hit with another lawsuit claiming that its Total Bond Market Fund, which was represented as tracking the Lehman Brothers U.S. Aggregate Bond Index, loaded up with mortgage-backed securities prior to the financial...

Schwab hit with another suit over bond fund

September 7, 2010

The Charles Schwab Corp. has been hit with another lawsuit claiming that its Total Bond Market Fund, which was represented as tracking the Lehman Brothers U.S. Aggregate Bond Index, loaded up with mortgage-backed securities prior to the financial...

Montana securities cops sue Securities America

August 23, 2010

Montana's commissioner of securities and insurance has sued Securities America over the sale of failed private placements, making it the second state to target the broker-dealer for selling the risky investments. The office of the state auditor...

Schwab and Charles Goldman agree to arbitration

August 15, 2010

The Charles Schwab Corp. and Charles Goldman have agreed to meet with a private mediator next month to discuss the former executive vice president's demand for $736,000 in severance pay following his dismissal in 2008 as head of the firm's RIA...

Merrill Lynch defeats bid by black advisers to sue as group

August 15, 2010

A U.S. District Court judge has denied a bid for class action status by 17 black financial advisers in their five-year-old discrimination suit against the Merrill Lynch unit of Bank of America Corp. Broker George McReynolds of Nashville, Tenn.,...

Utah judge tosses suit by former advisers

July 13, 2010

A Utah judge has thrown out a lawsuit filed by two former financial advisers accusing state regulators of violating their constitutional rights by bringing securities violations against them without proof of wrongdoing. Advisers Henry S. Brock...

Lehman Brothers estate sues JPMorgan Chase

May 27, 2010

The estate of Lehman Brothers Holdings Inc. claims that JPMorgan Chase & Co. helped drive Lehman into bankruptcy by forcing it to give up billions of dollars in cash reserves that it otherwise could have used to stay afloat. The Lehman estate...

Banned SagePoint broker testifies he received ‘gifts' — not fees

May 18, 2010

In response to charges from Pennsylvania securities regulators that it failed to supervise one of its brokers, SagePoint Financial Inc. last month included some of the broker's testimony as part of its answer to the Pennsylvania court order....

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