Nationwide Life Insurance Co. has reached a $2.1 million settlement with five state insurance regulators over nine-year-old claims involving allegedly unsuitable variable annuity sales. The five states are California, Kansas, Minnesota, Missouri and Wisconsin.
Nearly every Wall Street worker is getting a bonus this year — despite public outrage over banker compensation.
Overconfidence gets human beings into big trouble. Fueled by new developments in science and ready access to current and past knowledge and theory, old cautionary rules are thrown out the window at considerable peril.
Roger W. Crandall was named CEO of Massachusetts Mutual Life Insurance, effective Jan. 1, confirmed MassMutual spokesman Mark Cybulski.
MassMutual on Wednesday announced that its field force has grown to more than 5,000 representatives, a record level for the 158-year-old insurer.
Massachusetts Mutual Life Insurance Co. has taken alleged Ponzi schemer Scott Rothstein to court in an attempt to rescind a $15 million life insurance policy.
The government is manipulating the Consumer Price Index in an attempt to keep inflation low and save money, and that has major implications for retirees and some investors, several statisticians who analyze government data say.
Allianz Global Investors is planning to roll out a series of tools and educational materials over the next year to help its top wirehouse and independent broker-dealer clients train advisers in talking to clients about retirement income.
An Omaha investment adviser has been indicted on federal charges accusing him of defrauding investors of more than $500,000, federal prosecutors said Friday.
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.
A judge has put a Securities and Exchange Commission lawyer on the defensive over a settlement resolving civil charges that accused Bank of America of misleading investors when it acquired Merrill Lynch.
Home and auto lender GMAC Financial Services said Thursday it lost $5 billion in the last three months of 2009, as losses from its mortgage operations kept the company in the red for another quarter.
Prosecutors say a Utah man tried to hire a hit man to kill witnesses in a fraud case against him by dictating a letter from jail by Morse code.
Employment is now job one at the White House.
The battle for brokers, which led scores of reps to hop from one wirehouse to another in early 2009, came to a grinding halt at end of the year — a development that could last for years, according to James Gorman, new chief executive at Morgan Stanley & Co.
Morgan Stanley says it earned $617 million during the last three months of 2009 as its investment banking operations profited from its Smith Barney joint venture.
Despite the market's lukewarm reception to John Hancock's slimmed-down variable annuity, other insurers continue to introduce competing products aimed at financial advisers who have usually sidestepped such VAs.
ING plans to replace its traditional variable annuity offering with a simplified VA product that comes with a scaled-back commission.
