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Rising markets keep advisers out of arbitration
Finra experienced slight increase in 2016 cases, but total continues to be far below post-recession highs.
Minnesota judge denies Justice Department’s request for stay in DOL fiduciary rule lawsuit
A district court judge has denied the Justice Department’s request for a stay in one of the several…
Advocates push to delay DOL fiduciary rule delay; industry waits for likely stall
Only supporters of the DOL rule have met with Office of Management and Budget officials, while industry groups have kept their distance.
Purshe Kaplan Sterling to pay $3.4M in restitution for overcharging Native American tribe
Firm will also pay a $750,000 fine to Finra for failing to supervise broker who sold tribe non-traded REITs and BDCs.
Some Merrill Lynch advisers upset with move away from commissions
Brokers say commissions serve certain clients better, and investors who prefer them are pushing back.
Campaign spending up among advice groups
Brokerage, insurance and mutual fund groups spend more money than investment advisers in quest to gain the ear of lawmakers on both sides of the political aisle.
Former Wells Fargo broker barred for parking fraud
The broker allegedly used the firm's parking garage stamp to validate parking garage tickets worth $731.
Winners and losers in the murky DOL fiduciary rule implementation
The rule is well past the tipping point, and the industry is forever changed regardless of the rule change.
Finra arbitration panel hits UBS with $9M award in Puerto Rican bond case
The arbitrators found that UBS and UBS Puerto Rico were liable for $7.983 million in compensatory damages and $1 million in punitive damages.
Justice Department seeks stay in Thrivent lawsuit against DOL fiduciary rule
Attorneys are seeking a stay in the lawsuit brought by Thrivent Financial pending the results of a rule review requested by the president.
Acting SEC chair scales back enforcement unit’s subpoena powers
In a roll-back of post-Madoff change, requests will go through acting division director, say sources.
Kansas judge again upholds DOL fiduciary rule
Judge Daniel D. Crabtree granted summary judgment to DOL in a lawsuit filed by Market Synergy Group Inc., a Topeka insurance agency that develops fixed index annuities and other proprietary insurance products.
DOL fiduciary rule developments give both sides something to cheer
Both opponents and proponents of the Department of Labor’s fiduciary rule have something to cheer following February’s…
New York Life settles 401(k) lawsuit for $3 million
The firm allegedly engaged used an expensive proprietary fund to enrich itself at the expense of plan participants.
T. Rowe Price sued for self-dealing in its 401(k) plan
Plaintiff alleges plan participants would have paid at least $27 million less in fees if T. Rowe had selected cheaper, non-proprietary funds.
Awaiting new Labor secretary, staff takes on larger role in fiduciary rule’s fate
Putting together a new cost-benefit analysis could be tricky for DOL staff, who spent the last six years working on a regulation that already was assessed and has been upheld by three court decisions so far.
House votes to kill DOL’s state, city auto-IRA rules
The House on Wednesday voted in favor of two resolutions to overturn Labor Department rules issued last…
Puzder withdraws as Trump’s Labor nominee amid Republican doubts
Andrew Puzder withdrew Wednesday as President Donald J. Trump's labor secretary nominee as controversy deepened over his personal life and private sector background.
Elder abuse prevention by advisers depends on their firms’ response to new rule
SEC approves Finra regulation to curb financial exploitation, but requirements are slim.
Report shows few advisers examined by California oversight office
State's Department of Business Oversight examined only 6.2% of state-registered investment advisers and 0.8% of broker-dealers in 2015-16.
