Results for "lawsuits"

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Independent broker-dealer Triad Advisors sues former advisers

May 7, 2017

In a highly unusual move by an independent broker-dealer, Triad Advisors Inc. is suing a group of former advisers who left the firm to start their own broker-dealer. Last October, Triad sued the advisers, David Millican, Jeffrey Shaver and Joseph...

Court enters judgment against Connecticut adviser for Ponzi scheme

May 2, 2017

A federal court in Connecticut has entered a judgment against adviser Mark J. Varacchi and his firm, Sentinel Growth Fund Management, for allegedly stealing $3.95 million of investor assets in a hedge fund Ponzi scheme. The court also entered...

Judge declines to dismiss indictment against former ARCP CFO Brian Block

May 1, 2017

A federal judge on Friday declined to dismiss an indictment alleging that Brian Block, the former chief financial officer of American Realty Capital Properties Inc., or ARCP, participated in a fraudulent scheme to inflate the company's financial...

Raymond James settles Vermont ski resort claims for $150 million

April 14, 2017

Raymond James Financial Inc. has reached a $150 million settlement in a lawsuit that involved financing of the failed Jay Peak ski resort and related real estate development in Vermont. The suit centered on an alleged fraudulent EB-5 investment...

Advisers should heed fiduciary principles in ongoing Tibble 401(k) suit

April 11, 2017

At the end of last year, Glenn Tibble's long-standing claim against Edison International regarding excessive 401(k) fees was given an opportunity to continue by the U.S. Circuit Court of Appeals for the Ninth Circuit. The primary issue in that...

JPMorgan and former brokers reach $5.7 million settlement to end overtime pay dispute

April 11, 2017

A $5.7 million settlement has been reached in a five-year class-action battle between JPMorgan Chase & Co. and 1,056 former financial advisers about overtime pay. The deal, which was presented to a federal district court in New York last week,...

BlackRock sued for alleged self-dealing in its 401(k) plan

April 10, 2017

BlackRock Inc., the world's largest asset manager, is being sued by a former employee for self-dealing in the company's 401(k) plan, the latest excessive-fee case involving an asset manager offering proprietary investment funds to retirement...

Judge in Putnam 401(k) suit deals potential setback to plaintiffs using Vanguard as fee benchmark

April 6, 2017

A federal judge has seemingly dealt a blow to plaintiffs bringing claims against financial services companies for excessive retirement plan fees, following a recent ruling in a self-dealing lawsuit involving Putnam Investments' 401(k) plan....

Resolving Nick Schorsch's legal problems taking a long time

March 24, 2017

The legal web for Nicholas Schorsch and his partners this month became more tangled. On March 8, the RCS Creditor Trust, the group that now controls the remains of RCS Capital Corp., or RCAP, a bankrupt brokerage formerly controlled by Mr. Schorsch,...

Texas judge shoots down latest effort to halt DOL fiduciary rule

March 21, 2017

Opponents of the Department of Labor's fiduciary rule were dealt another blow Monday, when a federal judge in Dallas denied their latest effort to halt its implementation. Chief Judge Barbara M.G. Lynn of the U.S. District Court for Northern...

Judge orders advisory firm to give up Ariel name

March 6, 2017

When Christopher Bray started his advisory firm three years ago, it seemed like a good idea to name it after his daughter, Ariel, who was 4 years old at the time. And while there was a mutual fund company already named Ariel Investments, Mr....

The Hartford wins excessive-fee lawsuit

March 1, 2017

The Hartford Financial Services Group Inc. has prevailed in a lawsuit alleging the firm charged excessive fees in its investment funds, in one of many similar lawsuits filed against insurance companies within the past several years. Judge Renée...

Minnesota judge denies Justice Department's request for stay in DOL fiduciary rule lawsuit

February 22, 2017

A district court judge has denied the Justice Department's request for a stay in one of the several lawsuits brought against the Labor Department's fiduciary rule. The Justice Department on Feb. 15 requested a stay in the lawsuit brought by...

Kansas judge again upholds DOL fiduciary rule

February 17, 2017

A Kansas federal judge upheld the Labor Department fiduciary rule on Friday, giving the measure its fourth court victory since November. Judge Daniel D. Crabtree granted summary judgment to DOL in a lawsuit filed by Market Synergy Group Inc.,...

Justice Department seeks stay in Thrivent lawsuit against DOL fiduciary rule

February 17, 2017

The Department of Justice has requested a stay in the lawsuit against the Labor Department's fiduciary rule brought by Thrivent Financial, just one week after another court denied the department's request for a stay against the rule in a separate...

T. Rowe Price sued for self-dealing in its 401(k) plan

February 16, 2017

T. Rowe Price has been sued for self-dealing in its 401(k) plan, becoming the most recent in a growing list of financial services companies being targeted for allegedly acting out of financial self-interest in the construction of their retirement...

New York Life settles 401(k) lawsuit for $3 million

February 16, 2017

New York Life Insurance Co. has agreed to settle a lawsuit alleging the firm engaged in self-dealing in its 401(k) plans for the sum of $3 million. Plaintiffs brought the excessive-fee suit against New York Life in July 2016, seeking relief...

Trump call for DOL fiduciary rule review could open door to uniform standard

February 9, 2017

President Donald J. Trump's memo last week ordering the Labor Department to review the fiduciary rule has encouraged some in the brokerage business that an all-encompassing best-interest rule covering not just retirement assets could be crafted...

DOL fiduciary rule class-actions costs could top $150M a year

February 9, 2017

Assuming the Department of Labor's fiduciary rule survives the river of legal and legislative challenges, the brokerage industry should expect to absorb between $70 million and $150 million annually in class-action litigation costs. The price-tag...

Dallas judge upholds DOL fiduciary rule

February 8, 2017

A Dallas federal judge upheld the Labor Department's fiduciary rule on Wednesday, dealing a crushing setback to financial industry attempts to kill the measure. In an 81-page ruling, Chief Judge Barbara M.G. Lynn of the Northern District of...

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