Results for "lawsuits"

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Rollins Inc. 401(k) participant sues Morningstar, Prudential over alleged RICO violations

August 31, 2017

A participant in a 401(k) plan of Rollins Inc., Atlanta, sued Morningstar and units of Prudential Financial, alleging they violated a federal racketeering law in offering an investment service to plan members. Rollins plan officials and Rollins...

DOL fiduciary rule: Trump administration signals intent to kill class-action provision in BICE

August 25, 2017

The Trump administration has delivered what seems to be its clearest signal yet that it is seeking to remove the class-action-litigation provision from the Department of Labor's fiduciary rule. In an Aug. 23 letter to Minnesota district court...

Allstate sues Ameriprise for allegedly stealing client information

August 22, 2017

Allstate Insurance Co. is suing Ameriprise Financial in a spat alleging Ameriprise is stealing Allstate's confidential information by recruiting the giant insurance company's salespeople, known as "exclusive financial specialists." Ameriprise...

Tibble v. Edison 401(k) fee-case decision offers 3 lessons

August 22, 2017

Tibble v. Edison, a landmark 401(k)-fee case, is finally nearing its close after 10 years of litigation, following a court order last week that laid to rest the lawsuit's remaining points of contention. The case, the first of its kind to go...

Los Angeles RIA charged with defrauding athlete and wife

August 22, 2017

The Securities and Exchange Commission has charged Jeremy Drake, a Los Angeles-based RIA, with defrauding a professional athlete and the athlete's wife, by deceiving them about the investment advisory fees they were paying. The SEC alleges that...

Big win for LPL in class action over 2016 stock price drop

August 22, 2017

LPL Financial Holdings Inc. won a legal victory late last week when a federal judge on Friday dismissed a lawsuit that alleged the broker-dealer and top executives deceived investors before its stock price fell off a cliff in February 2016....

Plaintiffs win in Tibble vs. Edison 401(k) fee case

August 17, 2017

A U.S. District Court judge in Los Angeles has ruled for plaintiffs who claimed that executives of an Edison International Inc. 401(k) plan violated their fiduciary duties by selecting more-expensive retail-priced shares versus institutionally...

SEC suspends former ARCP accounting officer Lisa McAlister

August 17, 2017

The Securities and Exchange Commission has permanently suspended Lisa McAlister, the former chief accounting officer of American Reality Capital Properties Inc. In a settlement in which she consented to the agency's findings, the SEC said that...

Energy funds adviser settles with SEC over fees

August 15, 2017

The SEC settled with the investment adviser for four private oil and gas funds over the miscalculation and inadequate disclosure of approximately $1.1 million in management fees and $449,000 in management-related expenses. The firm, Denver-based...

Court orders RIA to pay nearly $2 million for defrauding athletes

August 10, 2017

The Securities and Exchange Commission has obtained a final judgement against Pittsburgh, Pa.-based financial adviser Louis Martin Blazer III, who was accused of taking money without permission from the accounts of several professional athletes....

Adviser denies any role in fake news story about murdered DNC staffer

August 4, 2017

Outspoken financial adviser Ed Butowsky, who earlier this week found himself at the center of a bombshell lawsuit alleging he was directly involved in concocting a phony news story about a murdered Democratic National Committee staffer, said...

Edward Jones broker terminated over client gift is barred by Finra

August 3, 2017

The Financial Industry Regulatory Authority Inc. has barred a former Edward D. Jones broker for failing to appear for on-the-record testimony in connection with its investigation of his firm's allegation that he accepted a gift from a client...

Finra bars broker, firm principals for $5 million account churning

August 2, 2017

A Finra hearing panel has barred broker Edward Beyn and the principals of his former employer, Craig Scott Capital of Uniondale, N.Y., from the securities industry for churning customer accounts. The Financial Industry Regulatory Authority said...

Wells Fargo wants mistakenly sent client data returned

July 25, 2017

Wells Fargo, which says one of its outside lawyers mistakenly misdirected a staggering 1.4 gigabytes of sensitive information about tens of thousands of its wealthy clients, wants the information returned. The bank has asked judges in New York...

Appointing and monitoring a 401(k) investment manager under ERISA

July 13, 2017

Employee-benefit attorneys advising retirement plan sponsors frequently mention that plan fiduciaries are not liable for the acts or omissions of an appointed investment manager, and aren't obligated to invest or otherwise manage plan assets...

10 big settlements in 401(k) excessive-fee lawsuits

July 13, 2017

Lawsuits attacking allegedly excessive 401(k) fees, both for investment management and recordkeeping and administration, have proliferated since roughly the middle of the 2000s, when attorney Jerry Schlichter began bringing them en masse against...

American Airlines reaches $22 million settlement in 401(k) self-dealing lawsuit

July 11, 2017

American Airlines Inc. has agreed to settle a 401(k) self-dealing lawsuit for $22 million, one of the largest monetary settlements reached in similar class-action litigation. Plaintiffs brought the suit, Main et al v. American Airlines Inc....

Fund manager MFS sued for self-dealing in its 401(k) plans

July 10, 2017

MFS Investment Management has been sued for self-dealing in its company 401(k) plans, becoming the latest fund firm to be targeted for stocking its retirement plan primarily with proprietary investments. The plaintiff in the lawsuit, Velazquez...

ARCP Ex-CFO Brian Block guilty of securities fraud

June 30, 2017

A New York federal jury on Friday found Brian Block, the former chief financial officer of American Realty Capital Properties Inc., a giant REIT once controlled by Nicholas Schorsch, guilty of cooking the books at the net lease real estate investment...

UBS loses $793,000 in Puerto Rico bond arbitration case

June 28, 2017

A Finra all-public arbitration panel has awarded claimants $793,077.61 in a case involving the sale of Puerto Rico municipal bonds by UBS. The claimants — Madeleine Carrero, individually and as trustee of Fideicomiso Ulises Barros and Ulises...

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