Results for "lawsuits"

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Former manager for New York pension fund sentenced to 21 months for taking bribes for brokers

July 13, 2018

A former portfolio manager for New York's main pension fund must serve 21 months in prison for accepting gifts including concert tickets, drugs and luxury watches from brokers in exchange for steering billions of dollars in business to their...

Trump gives federal agencies power to hire in-house judges

July 11, 2018

President Donald J. Trump, seeking to head off some of the turmoil from a recent Supreme Court decision, issued an order Tuesday empowering the heads of federal agencies to directly appoint judges who decide cases ranging from Wall Street sanctions...

Georgia decision on broker protocol could have wide impact

July 9, 2018

Financial advisers relying on the protocol for broker recruiting to protect their ability to jump to a new employer will face more obstacles now that a Georgia state court has ruled that advisers with contracts requiring them to give notice...

Judge dismisses stock-drop suit against Allergan

July 9, 2018

A federal judge has dismissed a complaint by participants in an Allergan defined-contribution plan, rejecting allegations that company and plan executives violated their fiduciary duties by offering company stock in the plan menu. The plaintiffs...

Fidelity lawsuit highlights firms' vulnerability

July 7, 2018

A millionaire widow's​ lawsuit against Fidelity Investments is a good example of how a firm can be sued even as it's trying to protect an elderly client from financial exploitation. In her lawsuit, Claudine Webb claimed that by freezing the...

Credit Suisse to pay $77M to settle bribery probes

July 5, 2018

Credit Suisse Group AG agreed to pay $77 million to settle U.S. bribery probes claiming the lender's Hong Kong unit attempted to win banking business by offering jobs to friends and family of Chinese officials. In a seven-year period, the bank...

Former Finra analyst sues agency for age discrimination

June 26, 2018

A 54-year-old former analyst for the Financial Industry Regulatory Authority Inc. sued the agency over his termination, claiming that he was part of a layoff that unfairly targeted older workers. Brian McIntyre, who worked in the self-regulator's...

Buzz Aldrin dust-up highlights the challenges facing older clients

June 25, 2018

Financial advisers working with elderly clients should take heed of the legal brouhaha involving former astronaut Buzz Aldrin and two of his children. Mr. Aldrin, 88, who set foot on moon during the 1969 Apollo 11 mission, has gone to court...

Supreme Court curbs SEC administrative law judges

June 21, 2018

The U.S. Supreme Court took a step toward consolidating the president's control over administrative agencies, ruling in favor of an investment adviser found to have misled prospective clients with his "Buckets of Money" retirement plan. The...

Supreme Court ruling on SEC judges unlikely to upend advice industry

June 21, 2018

The Supreme Court's ruling on Thursday against the Securities and Exchange Commission could help some financial advisers who are currently engaged in legal battles with the agency, but will likely have little impact on new cases, according to...

MetLife, Brighthouse sued for $500 million over missing pensioners

June 20, 2018

MetLife Inc. and Brighthouse Financial Inc. have been sued for failing to pay at least $500 million in retirement benefits over the past 2½ decades to thousands of pension plan participants. In December, MetLife disclosed that it had failed...

JPMorgan asks court for injunction against rep who left for Merrill Lynch

June 19, 2018

J.P. Morgan Securities has asked a federal court in Indiana to grant a temporary and preliminary injunction restraining one of its former brokers, Gabriel Campbell, from soliciting former clients to join him at his new employer, Merrill Lynch....

DOL fiduciary rule on brink of death as key deadline passes

June 14, 2018

The Department of Labor fiduciary rule is teetering on the brink of death after the Justice Department, which was defending the rule in court, appears to have let a key deadline pass to keep the case alive. On March 15, the 5th Circuit Court...

Court ruling may limit New York's powerful anti-fraud weapon

June 13, 2018

New York's powerful anti-fraud weapon known as the Martin Act was crimped by the state's highest court, which scaled back what was an $11 billion lawsuit against Credit Suisse Group AG over mortgage-securities practices in the run-up to the...

Former Schorsch REIT reaches $90 million settlement with Vanguard

June 12, 2018

Vereit Inc., a net lease real estate investment trust, has agreed to pay mutual fund giant Vanguard $90 million as part of a settlement stemming from an accounting scandal four years ago when the company was controlled by Nicholas Schorsch,...

New York RIA to pay $8 million to SEC in settlement

June 4, 2018

New York-based investment adviser deVere USA has agreed to pay an $8 million civil penalty related to its failure to disclose conflicts of interest to its retail clients, the Securities and Exchange Commission said Monday. The settlement calls...

Invesco sued for 'indiscriminately' loading 401(k) plan with in-house funds

June 4, 2018

Invesco has been sued for allegedly stacking its 401(k) plan with proprietary investments, joining the ranks of more than 20 asset managers who have had to defend against similar claims of mismanagement by employees seeking to claw back lost...

Taxpayer lobbying group sues to kill California automatic retirement savings plan

June 4, 2018

A taxpayer lobbying organization sued to halt implementation of the California Secure Choice Retirement Savings program, a new state defined contribution plan for private-sector workers that do not have access to a tax-favored retirement plan....

Wells Fargo customers saddled with fake accounts to get about $35 each in $142 million settlement

May 31, 2018

Wells Fargo & Co. customers who didn't consent to having 3.5 million accounts created by bankers trying to hit sales quotas are finally getting what a judge called "rough justice." U.S. District Judge Vince Chhabria agreed Wednesday to issue...

Northwestern University beats Jerry Schlichter 403(b) lawsuit

May 29, 2018

Northwestern University has become the second college to beat back allegations of retirement-plan mismanagement, prevailing in a lawsuit brought by prominent plaintiffs' attorney Jerry Schlichter. The lawsuit, Divane et al v. Northwestern University...

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