Bank of New York Mellon and Wells Fargo have both sued Securities America -- along with other B-Ds -- over the sales of MedCap private placements. In an internal e-mail obtained by <i>InvestmentNews</i>, here's what SA boss Jim Nagengast said about the litigation.
Following a long run-up, commodities last week suffered their largest declines in almost two years, paring this year's gains to about 10%
Connecticut's insurance department yesterday kicked off an inquiry into insurers' payments of death benefits and the steps the insurance companies take to locate beneficiaries.
Meredith Whitney went out on a limb -- way out -- with a jaw-dropping prediction on '60 Minutes.'
Bill Miller, Legg Mason's highly-touted stock picker, believes that President Obama's tax cut plan will be a shot in the arm for U.S. stocks.
In an e-mail sent to brokers Friday evening, Securities America said crucial negotiations with investors suing the B-D could lead to a final resolution of the dispute. Without such an agreement, the brokerage -- and its 1,800 reps -- may be facing the end of the line.
A report today indicated that Ameriprise 'may' let Securities America go under. But sources tell InvestmentNews that plaintiffs lawyers have just made their first settlement proposal to Ameriprise.
Nuveen Investments Inc., the asset manager owned by Madison Dearborn Partners LLC, plans to start a fund to buy corporate debt, the firm said in a prospectus filed today with the U.S. Securities and Exchange Commission.
Open-end U.S. municipal-bond funds dropped an average 3.7 percent in the past month as investors withdrew money for the first time in seven months.
Securities America reported an ugly $115 million loss in the first quarter, which may not seem overly appealing to potential buyers. Then again, most of the red ink was due to litigation costs. And with the B-D's legal troubles seemingly behind it, the brokerage could be poised for better days.
