Results for "lawsuits"

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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...

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...

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...

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...

Hamilton ticket investor sues BD over its due diligence in alleged $81 million Ponzi

February 7, 2017

An investor in the alleged $81 million Ponzi scheme involving the purchase and resale of tickets to such high demand shows as Adele and the Broadway musical Hamilton has filed a complaint against a broker-dealer, claiming the firm made repeated...

New Jersey broker pleads guilty to six-year elder scam

February 3, 2017

Peter Martorana of Wall, N.J., pleaded guilty Wednesday to laundering more than $500,000 from elderly clients between 2006 and 2013, according to a report in the Asbury Park Press. Mr. Martorana, 62, faces 10 years in prison for what authorities...

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...

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