It is the second AI-focused business that Casady, the former CEO of LPL, has focused on in less than a year.

The number of clients using the bank's alternative investment platform has more than doubled in the past five years, according to the company.

It's early days in what is shaping up to be a long legal battle between Morgan Stanley and former advisors over who controls valuable deferred compensation money.

"The money has gone into BDCs and credit products because of higher yields," said one industry executive.

James Warring and his firm, EagleStone, charged the client unauthorized and undisclosed fees during parts of the RIA relationship, the SEC claims.

Stifel's total is now more than $176 million in damages, legal fees and settlements related to Chuck Roberts, who was barred from the securities industry this summer.

The problem that Bluerock is facing in getting shareholder approval, according to industry observers, is that the fund, after a listing, could trade below its net asset value.

"The settlement proceeds are being used to reimburse outstanding legal and other third-party expenses in accordance with the funds’ governing investment documents, not as corporate profit," a company spokesperson told InvestmentNews.

Osaic has now paid $17.2 million to settle claims involving former clients of Jim Walesa.

Edward Jones' job cuts and overall realignment internally are contributing to higher costs for the company, it said in its recent quarterly report.