Results for "lawsuits"

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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...

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...

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...

Morgan Keegan's legal fees are piling up

February 28, 2010

Facing intense pressure from securities regulators and investors, Morgan Keegan & Co. Inc.'s legal fees have skyrocketed during the past two years to $251 million, leaving some industry observers shocked. The firm's legal costs are largely the...

Legal expenses piling up at Morgan Keegan

February 25, 2010

Facing intense pressure from securities regulators and plaintiffs' lawyers, Morgan Keegan & Co. Inc.'s legal costs have skyrocketed over the past few years, consuming a greater chunk of the firm's revenue. Legal expenses equaled 12% of the firm's...

Judge finally OKs $150M BofA fine

February 22, 2010

In strikingly unenthusiastic fashion, federal Judge Jed Rakoff signed off on the Securities and Exchange Commission's plan to fine Bank of America $150 million after failing to tell shareholders of about $16 billion in impending losses at Merrill...

B-Ds fight back against litigation on Reg D offerings

February 21, 2010

Two broker-dealers are coming out swinging against investors and securities regulators who are looking for redress over the sale of private placements that went belly up last year. Capital Financial Services Inc. and Securities America Inc....

Goldman Sachs goes after ex-reps for ‘pirating’ clients

February 18, 2010

The Goldman Sachs Group Inc. is suing seven former employees of its private-wealth-management division who joined Credit Suisse Group AG for “pirating” the bank’s clients and reps. In a Feb. 17 complaint, the firm claimed that the employees,...

OSU, T. Boone Pickens tangle with Lincoln National

February 14, 2010

Oklahoma State University's athletic fund and Lincoln National Life Insurance Co. are embroiled in a legal flap over a failed funding plan for charitable insurance. Last month, the athletic fund, Cowboy Athletics Inc., along with oil-and-gas...

Sister sues brother and his brokerage — and wins $608K award

February 8, 2010

A sister who sued her brother and his brokerage firm won a $608,000 arbitration decision last month in a case that alleged, among other claims, churning of highly volatile stocks in the weeks leading up to the market collapse of September 2008....

Oklahoma State U., T. Boone Pickens tangle with Lincoln National

February 8, 2010

Oklahoma State University’s athletic fund and Lincoln National Life Insurance Co. are embroiled in a legal flap over a failed charitable-insurance-funding plan. Last month, the athletic fund, Cowboy Athletics Inc., along with oil-and-gas magnate...

Court ruling seen soon on suit charging Finra misled members

February 7, 2010

The fate of a lawsuit brought by two brokerage firms against NASD over its 2007 merger with the New York Stock Exchange's regulatory unit could be decided this month. Judge Jed Rakoff of the U.S. District Court for the Southern District of New...

Securities America advisers called culpable in fraud

February 7, 2010

Securities America Inc. was tagged last month with a lawsuit from Massachusetts regulators alleging that the firm misled investors who were sold high-risk private placements. Now coming to light are the names of a handful of the firm's leading...

California couple sues VALIC over its annuity sales practices

January 17, 2010

A California couple has filed suit against The Variable Annuity Life Insurance Co., an American International Group Inc. subsidiary, claiming that the company's sales agents misled investors about the tax advantages of using variable annuities...

Regulators ‘gone wild'? Advisers sue state of Utah

January 12, 2010

In an apparent first, two former financial advisers have filed a lawsuit against a state government, claiming that it violated their civil rights. Henry S. Brock and Jay Rice — who were both independent financial advisers licensed in Utah...

Former rep wins $4 million in defamation case

January 10, 2010

A former SunTrust Robinson Humphrey broker has won $4 million in a defamation claim against the firm. The award includes $2.5 million in punitive damages for the representative, Lance Beck, who claimed that the firm defamed him on his U-5 termination...

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