Results for "lawsuits"

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J.P. Morgan settles lawsuit on alleged fiduciary breach in stable value funds

November 8, 2017

An ERISA class-action lawsuit against J.P. Morgan Chase alleging a breach of fiduciary duty in its stable value fund by a class of participants has been settled for $75 million, a court document announcing the agreed settlement shows. The settlement...

Bridgewater founder defends co-CEO Greg Jensen as a 'man of high character'

November 7, 2017

Ray Dalio, Bridgewater Associates' founder, defended top executive Greg Jensen from allegations of a personal relationship with a female employee, saying he's a "man of high character." Dalio said in a statement issued Tuesday that "I would...

Judge grants injunction against DOL fiduciary rule in Thrivent lawsuit, halts case

November 6, 2017

A Minnesota federal judge has issued a preliminary injunction against the Labor Department's fiduciary rule, but also has granted a stay in the case. In a Nov. 3 decision, U.S. District Judge Susan Richard Nelson held that Thrivent Financial...

Broker says she was fired for raising red flag about a wealthy client

November 1, 2017

More than eight years after she was fired from JPMorgan Chase & Co.'s private wealth management group, Jennifer Sharkey told jurors the experience was "like your whole life is taken away from you." Sharkey testified at her trial in Manhattan...

Xerox wins lawsuit alleging 'kickback' scheme with Financial Engines

October 23, 2017

Xerox HR Solutions has won a lawsuit alleging it engaged in a pay-to-play scheme with the robo-adviser Financial Engines, marking the third defeat this year for plaintiffs bringing such charges against 401(k) record keepers. Xerox's defined...

TIAA may be pushing unsuitable products, whistleblowers say

October 23, 2017

This story has been updated to include a statement from TIAA. In attempts to become more like other financial powerhouses, the retirement-plan giant TIAA might be violating its fiduciary duty by pushing customers into unsuitable products that...

PIABA selects Andrew Stoltmann as new president

October 23, 2017

Chicago attorney Andrew Stoltmann has been selected as president of the Public Investors Arbitration Bar Association, replacing outgoing Ohio attorney Marnie Lambert. PIABA is a not-for-profit, voluntary bar association of lawyers who represent...

Lawsuit filed against first state auto-IRA program

October 13, 2017

The ERISA Industry Committee in Washington is seeking an injunction against new reporting requirements from the Oregon Retirement Savings Board in a complaint filed in U.S. District Court in Salem, Ore. The national association advocating for...

Prudential wins appeal of 401(k) fee lawsuit

October 12, 2017

Prudential Financial Inc. has again won a lawsuit alleging it breached its fiduciary duties by receiving revenue-sharing payments from investment options in a client's 401(k) plan. The lawsuit, Rosen v. Prudential Retirement Insurance and Annuity...

Painful end for advisers who bought RCAP shares

October 5, 2017

For advisers and executives who owned shares of RCAP, the defunct, mammoth brokerage firm formerly controlled by Nicholas Schorsch, a painful financial chapter of their lives ended last month. A federal judge in New York approved the settlement...

General Electric 401(k) participants sue over poor-performing GE Asset Management funds

September 28, 2017

Three participants in General Electric Co.'s 401(k) plan filed a lawsuit against the company, alleging it violated the Employee Retirement Income Security Act of 1974 by breaching its fiduciary duties. The lawsuit, filed in U.S. District Court...

Ex-Morgan Stanley broker at center of Puerto Rico bond disputes

September 28, 2017

The Puerto Rico municipal bond mess has landed on the doorstep of Morgan Stanley, with mounting arbitration claims against the firm stemming from sales of the bonds and closed-end funds from a former broker in Miami. The broker, Angel Aquino-Velez,...

Lynn Tilton wins SEC fraud trial

September 27, 2017

Lynn Tilton, whose aggressive management style made her a success on male-dominated Wall Street, won a Securities and Exchange Commission trial she'd spent months fighting to avoid. SEC administrative law judge Carol Fox Foelak ruled in favor...

401(k) lawsuit attacks excessive advisory fees paid to UBS

September 26, 2017

A company sponsoring a $157 million 401(k) plan has been sued for allowing unreasonably high fees to be charged for plan services, including advisory services provided by UBS. The lawsuit in question alleges the 401(k) plan sponsor, Novitex...

Judge dismisses lawsuit by Wells Fargo 401(k) participants

September 26, 2017

A U.S. District Court judge in Minneapolis dismissed a lawsuit by participants in Wells Fargo's 401(k) plan, saying the plaintiffs failed to demonstrate that plan executives breached their fiduciary duties under the Employee Retirement Income...

Jerry Schlichter's fee lawsuits have left an indelible mark on the 401(k) industry

September 23, 2017

At first glance, Sept. 11, 2006, may not stand out as a remarkable date in American history. But to retirement wonks, it is: That's the day a personal injury lawyer from St. Louis filed a flurry of lawsuits against major corporations, alleging...

University of Pennsylvania wins retirement plan suit

September 22, 2017

A lawsuit challening the fees and investments options offered in the retirement plan sponsored by The University of Pennsylvania has been dismissed by the U.S. District Court for the Eastern District of Pennsylvania, according to Bloomberg BNA....

Voya sued by participant in $2.8 million plan for excessive 401(k) fees

September 12, 2017

Voya Financial has been sued by a participant in a roughly $3 million 401(k) plan for charging allegedly excessive fees for record keeping and administration services, adding to an emerging trend of retirement-plan-fee lawsuits materializing...

Edison International agrees to pay $13.2 million in 401(k) fee lawsuit

September 8, 2017

Parties in the landmark Tibble v. Edison lawsuit have agreed the defendant, Edison International, will pay more than $13 million in damages to cover allegations of excessive 401(k) fees. After 10 years of litigation, which included a trip to...

Fund industry swats down fee suits, but they keep appealing

September 1, 2017

Mutual funds continue to swat down excessive fee cases, but they're still making it into court, which could mean that plaintiffs just haven't filed the best case yet. The most recent cases involve subadvisory fees, where fund companies farm...

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