Results for "lawsuits"

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SEC in-house judges challenged in DC appeals court that upheld them

May 25, 2017

The first appellate court to uphold Securities and Exchange Commission in-house courts on constitutional grounds revisited the issue Wednesday before a 10-judge panel of the U.S. Court of Appeals for the District of Columbia. The appeals court...

Millions go to Madoff fund lawyer, nothing for investors

May 23, 2017

A firm hired by the U.S. to distribute $4 billion to victims of Bernard Madoff's Ponzi scheme has racked up $38.8 million in billings over four years. The investors are still waiting for their first checks, though. The Justice Department disclosed...

How 401(k) advisers can bullet-proof themselves against litigation risk under DOL fiduciary rule

May 20, 2017

Many advisers who service 401(k) plans will, for the first time, be considered fiduciaries with respect to their investment advice when the Labor Department's conflict-of-interest rule comes into force next month. Along with that heightened...

Use of multiple record keepers could hurt defendants in 403(b) lawsuits

May 19, 2017

Judges in lawsuits targeting the Duke University and Emory University retirement plans have given life to a novel claim against the universities' use of multiple record keepers, setting the stage for a potential legal blow to a common practice...

Courts' interpretations of 401(k) fiduciary laws are changing

May 16, 2017

It appears that laws of fiduciary prudence under ERISA are evolving. A recent district court decision, in Lorenz v. Safeway, demonstrates this point. "What is good for the goose is good for the gander" is not a common legal maxim, but the District...

TIAA to pay $5M in 401(k) excessive-fee suit

May 12, 2017

TIAA agreed to pay $5 million to settle a lawsuit alleging the firm breached its fiduciary responsibilities in two retirement plans it provides to its employees. Plaintiffs brought the suit against TIAA in October 2015, claiming their plans...

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...

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...

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