The self regulatory organization ruled that Schwab's human resources group committed “gross negligence, and contributed to the damages suffered” by a former employee who claimed the brokerage had made defamatory comments on his termination notice.
It's early, but brokers and bankers should be tuned into the New York AG race to get a feel for their futures
Facing intense pressure from securities regulators and investors, Morgan Keegan & Co. Inc.'s legal fees have skyrocketed during the past two years to $251 million, leaving some industry observers shocked.
After a string of high-profile securities arbitration losses, Morgan Keegan & Co. Inc. emerged as a winner in an $8.2 million investor complaint that alleged unsuitability and breach of fiduciary duty related to firm's bond funds.
Morgan Keegan & Co Inc. has lost another arbitration case stemming from a blow up of its bond funds to a former professional athlete, this time liable to a former NBA all-star for $1.45 million in damages.
One of Charles Johnston's top lieutenants at the Morgan Stanley Smith Barney is racing to the door to join Bank of America Merrill Lynch.
After a year of turmoil, the AIG Advisor Group is cutting a chunk of its staff and consolidating operations among the back offices of its three broker-dealers.
Larry Roth, chief executive of the beleaguered AIG Advisor Group, thinks that within six months, the network of broker-dealers that is home to 6,000 registered representatives and financial advisers will be “hitting on all cylinders.”
In the months before it landed one of the biggest advisers on Wall Street, HighTower Securities LLC was already successfully recruiting other breakaway brokers.
Ponzi scam artists will have greater freedom to flourish if state regulators get expanded oversight of registered investment advisory firms, according to attorneys on a panel today at the annual Financial Services Institute conference in New Orleans.
