The mutual fund titan harmed investors by failing to disclose risks relating to capital gains distributions in its retail target-date retirement funds, according to the SEC.
“These penalties are certainly significant enough to draw the big firms’ attention," one executive said.
SEC charges describe multiple failures in customer identification programs and shortfalls related to high-risk accounts linked to cannabis and foreign entities.
SEC says two firms breached their fiduciary duties and whistleblower rule.
Provisions of the Secure 2.0 Act took effect Jan. 1, but regulators only last week proposed rules to govern new automatic enrollment requirements for 401(k)s and other plans, as well as new quirks for catch-up contributions.
It's been an awful road for investors in GWG bonds.
12 firms agreed to pay the fines to settle charges.
SEC says 10 separate provisions of the law were violated by two firms.
Plaintiffs successfully sued American Airlines over an asset manager's ESG considerations in the proxy-voting process, and that could get the plaintiffs' bar quite interested in filing similar claims against 401(k) sponsors.
Newbridge Securities failed to supervise advisors using margin in clients’ accounts, according to Finra.
Canadian bank's capital markets arm reportedly failed to detect representatives' misleading disclosures involving $3 billion of mortgage-backed "sliver bonds" sold over a multi-year period.
Company says the latest disclosure is not linked to off-channel communication issues.
A regulator has banned the Islamic investment firm's campaign calling for a "money revolution" after multiple complaints led to a finding that it caused serious offense.
The agreement puts an end to one of many Biden-era efforts to exert regulatory control over the cryptocurrency space.
Private equity is illiquid, hard to value, and expensive. Yet it could be useful within target-date funds, and the industry may be lobbying the Trump administration to get into the 401(k) market meaningfully.
A $5.9 billion pension liabilities transfer Verizon made last year to Prudential and RGA is at the center of the latest lawsuit over pension-risk transfers.
The firm allegedly missed warning signs linked to stock transfers, one attorney claims.
Two long-standing rules "detested" by millions of public-sector workers for the reductions they make to Social Security benefits may soon go away at a cost of $190 billion.
The companies admitted the SEC's findings and made remedial efforts to fix their "blue sheet" transaction reporting, the regulator said.
Finra orders on Friday noted that the companies proactively corrected errors following exams in 2020 that found customers were not properly given rights of reinstatement for mutual fund share purchases.
