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Most advisers think the industry will continue down a fiduciary path despite rule delay

February 3, 2017

News that President Donald J. Trump plans to order a stop to the DOL fiduciary rule drew mixed reactions from financial advisers. Find out how they think the efforts to implement the rule will impact their businesses and the industry going forward....

Elderly investors win $1.25 million Finra arbitration over failed medical start-up investments

February 3, 2017

A Connecticut investment bank this week lost a $1.25 million Finra arbitration award that focused on the alleged sale of unsuitable securities to elderly investors. William Lashlee, 88, and Keith and Joyce McCrea, elderly retirees, alleged in...

Aon Hewitt sued for 401(k) 'kickback' scheme with Financial Engines

January 31, 2017

Aon Hewitt is the latest retirement-plan record keeper to be sued for an alleged kickback scheme with 401(k) advice provider Financial Engines, following similar lawsuits filed recently against three other prominent record keepers. A participant...

Sen. Elizabeth Warren alleges Labor Department removed website tied to Wells Fargo investigation

January 27, 2017

U.S. Senator Elizabeth Warren asked the Labor Department for an update on its investigation into Wells Fargo & Co.'s sales practices after she was unable to access a website the agency set up to track complaints from the bank's employees. “I...

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

January 26, 2017

JPMorgan Chase & Co. has been sued by a participant in its 401(k) plan for allegedly causing employees to pay millions of dollars in excessive fees through a scheme motivated by “self-interest.” The plaintiff claims JPMorgan, as well as...

SEC charges New York brokerage firm and compliance officer for penny-stock scheme

January 25, 2017

The Securities and Exchange Commission today charged a New York City-based brokerage firm and its former anti-money laundering officer with securities violations regarding the unregistered sale of “hundreds of millions” of penny stock shares...

SEC charges two brokers with fraud in excessive-trading scheme

January 9, 2017

The Securities and Exchange Commission on Monday charged two brokers with violating securities laws in a fraudulent excessive-trading scheme meant to enrich themselves at the expense of their customers. The SEC alleged brokers Gregory T. Dean...

J.C. Penney agrees to pay $4.5 million to settle 401(k) suit

January 6, 2017

Department-store chain J.C. Penney is poised to pay $4.5 million to settle allegations over company stock in the firm's 401(k) plan, following a district court judge's preliminary approval of the settlement. Participants in the company's 401(k)...

Prudential, Captrust win 401(k) fiduciary breach lawsuit

January 4, 2017

Prudential Financial and CAPTRUST Financial Advisors have defeated allegations of fiduciary breach in a 401(k) lawsuit against the two companies and the employer sponsoring the retirement plan. Connecticut district court judge Victor A. Bolden...

Wells Fargo Advisors to pony up $35.5M in race discrimination, class action settlement

January 4, 2017

Wells Fargo Advisors has reached a $35.5 million settlement with a group of African-American financial advisers who claimed the firm discriminated against them due to their race. The group of six brokers, with lead plaintiff Lance Slaughter,...

Outlook for 2017 retirement plan litigation

January 3, 2017

2016 saw an uptick in litigation targeting retirement plan fiduciaries, and 2017 will see more of the same, plus the resolution of the definition of a church plan with respect to organizations affiliated with churches, and more cases involving...

Court ruling gives advisers ammo to fight the SEC over administrative law judges

December 29, 2016

Financial advisers squaring off against the SEC in front of administrative law judges suddenly have a new tool for their defense, thanks to an unexpected court ruling on Tuesday. By deciding that the hiring process for the Securities and Exchange...

Former N.Y. State Common Retirement Fund fixed-income director arrested in pay-for-play scheme

December 22, 2016

The former director of fixed income and head of portfolio strategy for the New York State Common Retirement Fund, Albany, was charged Wednesday by the U.S. Justice Department and the Securities and Exchange Commission with multiple counts of...

Hotel chain targeted in 401(k) fee lawsuit alleging $29 million in damages

December 21, 2016

The Starwood hotel chain is the most recent target in litigation alleging excessive 401(k) fees, with former employees claiming that high investment-management and record-keeping costs caused retirement-plan participants "well in excess of $25...

Appeals court sends 401(k) fee case Tibble vs. Edison back to District Court to be reheard

December 19, 2016

The 9th U.S. Circuit Court of Appeals in San Francisco on Friday ordered a U.S. District Court to rehear the Tibble vs. Edison International excessive 401(k) fee case, which centered on the choice of retail vs. institutional investment products....

SEC bars California adviser for bilking pro athletes

December 16, 2016

Former financial adviser Ash Narayan agreed to be barred from associating with brokerage or advisory firms to settle regulators' allegations that he secretly received nearly $2 million from companies that he invested his professional athlete...

Prudential halts some insurance sales through Wells Fargo after ex-employees' whistleblower lawsuit

December 12, 2016

Prudential Financial Inc. announced Monday that it would halt distribution of some term life insurance policies through Wells Fargo's retail bank, following a lawsuit filed by Prudential employees alleging they were fired for blowing the whistle...

Finra bars former JP Morgan, RBC brokers

December 12, 2016

Finra on Friday barred two former brokers for violating firm policies, one from RBC Capital Markets and one from J.P. Morgan Securities. John Simpson, who has been registered with Finra since 1980 and worked at RBC from March 2009 to February...

Finra bars ex-Merrill employee who had 47 years with firm

December 9, 2016

A broker employed for nearly 50 years at Merrill Lynch, and who left the firm during an internal review of her supervisory performance, was barred from the securities industry after she declined to testify during a Finra investigation. The Financial...

Ex-worker sues Vanguard over firing, claiming whistleblower protections

December 6, 2016

A former employee of the Vanguard Group has filed a lawsuit claiming she was fired because of her whistleblowing activity. In the lawsuit, filed last Friday in federal court in Pennsylvania, plaintiff A. Karen Brock, 57, alleges her termination...

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