Results for "lawsuits"

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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....

Wells Fargo loses another A.G. Edwards raiding case to Stifel

May 10, 2010

Wells Fargo Advisors LLC was ordered to pay $948,000 in legal fees and costs to Stifel Nicolaus & Co. Inc. and a former branch manager after it lost a claim against Stifel for hiring four of brokers from A.G. Edwards. The Financial Industry...

Cost of settling class actions in securities cases rose in '09

April 11, 2010

The cost of settling securities class actions increased by 35% last year, according to a report released last month by Cornerstone Research. While the increase over 2008 was dramatic, total costs for 2009 were below the levels seen between 2005...

Lenny Dykstra sues JP Morgan over property deal gone bad

March 18, 2010

Former Mets and Phillies star Lenny Dykstra has sued J.P. Morgan Chase & Co. Inc. for $100 million, saying he didn't get the loan he needed when he bought hockey great Wayne Gretzky's California home. Dykstra brought the lawsuit in federal court...

Florida investor sues firms over adviser wire fraud

February 28, 2010

A Florida investor is suing TD Ameritrade Inc. for allegedly allowing a financial adviser to steal more than $2.3 million from her brokerage accounts by forging her signature on nine wire transfer requests. The adviser, Edward T. Stein, also...

HighTower chief blasts lift-out suit from MSSB

February 28, 2010

HighTower Advisors LLC chief Elliot Weissbluth last week shrugged off a “lift-out” lawsuit filed against the firm last month by Morgan Stanley Smith Barney, calling it baseless. “It's clearly a failed attempt to intimidate and a failed...

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