A wild ride: The major changes in the broker-dealer world since July 2008
Nov. 3: ING Groep NV reaches an agreement to sell three of its independent broker-dealers — Financial Network Investment Corp., Multi-Financial Securities Corp. and Primevest Financial Services Inc. — to Lightyear Capital LLC, the private-equity firm headed by former PaineWebber Group Inc. CEO Donald Marron (above). The three firms have a combined 5,700 advisers.
Nov. 20: LPL Investment Holdings Inc. and three broker-dealer subsidiaries file suit in New York state Supreme Court in Manhattan, claiming that Pacific Life Insurance Co. is in breach of contract and trying to duck paying what could amount to millions of dollars of settlements and awards stemming from the actions of rogue brokers at the three firms, which LPL acquired from Pac Life in 2007.