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DOL has its say in court on ESG challenge
The plaintiffs and defendant recently filed cross motions for summary judgment of the challenge over the Labor Department's recently implemented ESG rule for retirement plans.
House GOP tax package launches effort to pass reform legislation
The policies of most interest to financial advisors, such as expiring estate tax breaks, could come up later in the year in negotiations over a bipartisan bill.
JPMorgan to pay $290 million to settle suit from Epstein victim
The firm reached an agreement to settle a proposed class action alleging that it knowingly benefited from former client Jeffrey Epstein's sex trafficking.
SEC warns advisors about disclosures for testimonials in exam alert
The SEC wants advisors to disclose whether the person who's touting them is a client, is being compensated or has any conflicts of interest.
Finra hits TD Ameritrade with $500,000 fine for disclosures on callable securities
TD Ameritrade self-reported the lack of disclosure, which occurred from January 2016 to June 2021, to Finra, according to the settlement.
Former Morgan Stanley advisor pleads guilty to ripping off own mother
Doug McKelvey of South Lake, Texas, misused at least $1.5 million of funds held in brokerage accounts belonging to clients that included his mother and another elderly family member.
Industry groups ask SEC to extend timeline for cyberbreach notifications
The Investment Adviser Association and SIFMA say a proposed 30-day requirement is too short. But Better Markets says it should be shortened to 14 days.
What the SEC lawsuit against Coinbase means for advisors
Advisors will likely face more stringent compliance requirements as a result of the SEC's actions and may need to reassess their compliance programs to adequately address the unique risks associated with digital assets.
House hearing on ESG goes off the rails
The hearing showed that Republicans and Democrats don't agree on what 'choice' means in the context of investing.
Parties agree to vacate $36.7 million arbitration award against Oppenheimer
But the claimants likely received a substantial damage payment as part of the agreement to overturn the decision.
Former SEC Chair Clayton makes case for democratizing alternative investments
Clayton took a swipe at the current leadership of the Securities and Exchange Commission for swinging too far in the wrong direction.
Coinbase crackdown widens as states push to halt staking product
Both federal and state officials drilled in on the firm's staking program, which offers customers a return for letting their tokens be used to facilitate blockchain transactions.
First 401(k) lawsuit over ESG targets American Airlines’ $26 billion plan
The case, which is seeking class status, also names Fidelity and Financial Engines as defendants.
House unanimously passes bills to expand accredited investor pool
The legislation mandates that the SEC think beyond current income and wealth thresholds to define the sophisticated investors who are qualified to buy private securities.
SEC sues Coinbase for breaking securities rules
Regulator’s suit comes day after the agency sued crypto platform Binance for a wider set of violations.
How two advisor tech companies battled it out in patent court
Both CellTrust and ionLake provide compliant text messaging and archiving for advisors. CellTrust accused ionLake of violating its patents, but the jury disagreed.
Dave Ramsey sued by listeners over failed promises of advertiser
The lawsuit seeks $150 million in damages from the radio host over ads for a timeshare exit business that listeners say failed to extricate them from timeshare contracts.
SEC sues crypto platform Binance for violating securities rules
The agency has for months been probing whether Binance illegally sold digital coins as the exchange was getting off the ground in 2017.
Finra fines B-D $30,000 over rep’s medical marijuana biz
Park Avenue Securities fell short in its supervision of a rep who helped operate a cannabis business, the regulator says.
Senate passes debt-limit deal, ending threat of US default
The 63-36 vote on the bill Thursday night was carried by moderates in both parties; the legislation now goes to President Biden to sign.
