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SEC zeroes in on ETF risks and mutual fund charges
The agency is scrutinizing ETFs because of instances of sharp volatility, and has launched an initiative to evaluate how mutual funds can better inform investors about costs.
Finra elects Vanguard’s John Brennan chairman to replace Richard Ketchum
He will begin Aug. 15, at about the same time Robert Cook, a former division director at the SEC, takes over as chief executive.
Talk-show radio host and adviser Ray Lucia Sr. still fighting SEC bar in appeals court
Nearly three years after he was thrown out of the securities industry, the adviser has filed another appeal.
Chevron 401(k) suit dismissal seen as ‘big loss’ for plaintiffs’ bar
ERISA attorneys say the judge's decision was a complete rebuke of classic arguments in excessive-fee suits, and could provide fodder for the defense in future trials.
Decision in AXA excessive-fee lawsuit preserves the status quo
One attorney called the lawsuit an "attack" on the investment-management structure within variable annuities.
District Court dismisses 401(k) fiduciary breach lawsuit against Chevron
The plaintiffs argued that the company provided a money market fund instead of a stable value fund and paid excessive record-keeping fees to Vanguard Group, among other wrongdoings.
Morgan Stanley hit with $150 million 401(k) lawsuit for self-dealing and excessive fees
The wirehouse now joins a growing list of other financial-services companies sued for similar reasons.
Tools and technologies to implement DOL fiduciary compliance
The depth and breadth of the new DOL fiduciary rules requires all firms to consider outsourcing aspects of their practices and/or adding new technology.
Columbia University targeted in $100 million lawsuit over excessive retirement plan fees
The suit, not brought by Jerry Schlichter's law firm, could signal a 'race to the courthouse' in the university 403(b) market.
Duke, Johns Hopkins, UPenn and Vanderbilt latest schools under fire for excessive 403(b) fees
Attorneys, ever present in the 401(k) market, are beginning to target university 403(b) plans. These lawsuits follow close on the heels of ones against MIT, NYU and Yale.
Neuberger Berman sued for excessive 401(k) fees
Another financial services company has been targeted for costly proprietary investments in its 401(k) plan, leading to allegations of self-dealing at the expense of employees.
Insurers developing fee-based fixed-indexed annuities post-DOL fiduciary rule
Allianz, Voya, Symetra and Lincoln Financial are forging ahead into virtually uncharted waters for product development.
The SEC’s case against Dawn J. Bennett
The adviser boycotted her enforcement hearing, but that may not stop the regulator from throwing her out of the securities industry.
Primerica expects to pay $4M-$5M per year to comply with DOL fiduciary rule
The insurer joins other financial services companies such as Ameriprise and Principal, who've detailed rising compliance costs associated with the regulation.
New estate rule would affect tax strategies of ultra-wealthy
Treasury Department's proposed regulation aims to curb tax-planning approaches that lower the valuation of stakes in corporations or partnerships.
Ameriprise spends $11 million-plus this year on DOL fiduciary rule
The expense speaks to the difficulty broker-dealers are facing to comply with the controversial new regulation.
SEC to audit RIAs over the types of mutual fund share classes they sell to clients
The agency is particularly interested in conflicts of interest where the adviser is also a broker-dealer or affiliated with a broker-dealer that gets fees from sales of particular share classes.
3 significant anomalies in the DOL’s new fiduciary rule
The Labor Department needs to provide additional guidance regarding these irregularities in time for advisers to plan accordingly.
Yale, MIT and NYU targeted in excessive-fee lawsuits concerning retirement plans
The suits against NYU and Yale are especially significant because they're the first regarding university 403(b) plans.
Morningstar launching 401(k) service for broker-dealers worried about DOL fiduciary risk
Because platform initially will be offered through B-Ds, firm doesn't see it undercutting plan advisers' business, though it has considered going direct to plan sponsors.
