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Fate of book rests on coin toss
When they started their partnership in 1990 at Morgan Stanley, brokers Gerald P. Kessler and Paul S. Baker probably never imagined that the dissolution of their book of business — $470 million in assets, producing an estimated $3 million a year in fees and commissions — would hinge on a coin toss.
Sarbanes urges stricter fiscal oversight
The U.S. subprime meltdown will result in more-stringent banking regulations, according to former Sen. Paul Sarbanes.
Energy tax bill approved by House
The Energy and Tax Extenders Act may be taken up next week by the House of Representatives.
Fund exec wins $12 million in arbitration
John Carl of AllianceBernstein won $10 million in damages against the firm and $2 million in punitive damages.
Auction rate securities class actions are filed
A spate of class actions involving auction rate securities may be behind an expected rise in securities class actions this year.
GunnAllen and former executive claim victory in arbitration ruling
Both GunnAllen Financial Inc. and a former top executive are claiming victory after a lengthy arbitration battle that focused on whether the independent broker- dealer had the right to fire David McCoy, its former chief operating officer and national sales director, who was dismissed in 2005.
Senate bill addresses credit crunch
“It is a far cry from everything we need to do,” but it will help keep homeowners in their homes, Sen. Christopher Dodd said.
Senators float bill targeting shady advisers
Two Senators have introduced bipartisan legislation to protect seniors from “unscrupulous financial advisers.”
Obama calls for more bank supervision
A "patchwork of regulators" are "unable or unwilling" to protect the American people, said Sen. Barack Obama.
Vote on 401(k) fee disclosure likely
The bill is expected to pass the House by summer, but will not make it through the Senate, lawyer James Delaplane said.
Mutual Service faces arbitration claim
Mutual Service Corp. faces at least one arbitration claim for allegedly failing to supervise a mortgage broker whose practice collapsed last September under the weight of a nearly $30 million fraud.
Headache for Ameriprise
For nearly a decade, Jon E. Drucker has been a thorn in the side of Ameriprise Financial Inc.
SEC charges execs with insider trading
The Securities and Exchange Commission charged the vice chairman of the International Securities Exchange and two financial consultants with alleged insider trading.
Sen. Dole: SarbOx a burden for banks
Republicans plan to introduce a bill that would make compliance with some provisions of Sarbanes-Oxley voluntary for banks.
FDIC casts vote of confidence in banks
Federal Deposit Insurance Corporation chairperson Sheila Bair said most financial institutions remain well capitalized.
SEC proposes improved disclosure
Disciplinary histories would be included in plain English brochures.
Ohio regulators ramp up inspection of brokers
Brent Nelson's nightmare experience with state securities regulators began last May when, out of the blue, he received a letter from Ohio's Division of Securities telling him his license had been suspended.
Cantor pays for personnel raid
Raymond James has won a $1.75 million arbitration claim against Cantor Fitzgerald.
Congress mulls insurance regulator
Officials have testified that the time is right for a federal insurance regulator.
Allianz Life arm agrees to pay $10 million fine
Insurer settles with California over allegedly inappropriate fixed annuity sales.
