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Elderly client suing JPMorgan over investment losses faces court setback
The client and his wife sued over investments that they allege should not have been allowed and that ended up wiping out much of a fortune once pegged at more than $50 million.
ARA, Ceres throw support behind DOL ESG rule for 401(k)s
The two nonprofits are urging the Court of Appeals to uphold a lower court decision supporting a 'middle-of-the-road' approach for fiduciaries.
DOL limits companies with foreign convictions from managing 401(k) assets
The regulator for years has granted exemptions for financial institutions whose affiliates have been convicted of financial crimes overseas.
SEC tightens rules on robo-advisor registration
The rule revamp fills a gap in an early-2000s exemption that let investment advisors use websites as ‘props,’ says SEC Chair Gary Gensler.
Are 401(k)s the ultimate retirement plan?
Advisors weigh in on the impact the DOL’s retirement security rule will have on 401(k) plans and retirement.
Bankman-Fried gets 25 years in prison for FTX fraud
'There is a risk that this man will be in a position to do something very bad in the future,' the judge says. 'And it’s not a trivial risk. Not a trivial risk at all.'
AI is facilitating financial fraud, Treasury warns
Advances in artificial intelligence make it easier for criminals to impersonate customers and craft increasingly sophisticated email phishing attacks, according to a report.
AllianceBernstein 401(k) lawsuit booted
A court dismissed the case, pointing to the facts that the company waived fees for its participants and didn't really benefit from the assets.
Repeat flubs at Stifel over complex products: Finra
Stifel broker-dealers agree to fines and restitution of almost $3 million as a result of shortcomings in supervision and compliance related to sales of non-traditional exchange-traded products.
Reining in regulation by enforcement
The Financial Services Institute is asking the SEC to adopt a procedural framework to detect and prevent certain unfair enforcement practices.
Schlichter explores pension risk transfer lawsuit against Alcoa
The law firm, which has brought two cases this month over pension risk transfers, is looking for participants and beneficiaries of Alcoa's pension plan.
Environmentalists, conservatives sue SEC over climate rule
If anyone needed proof that many groups are unhappy with the rule, both the Sierra Club and US Chamber of Commerce have filed court papers.
Finra orders Morgan Stanley to pay ex-brokers roughly $3M
An arbitration panel rules in favor of former advisors who claimed the firm had delayed compensating them for their work, violating ERISA rules.
The Ohtani situation is a reminder about athletes and money
Advisors caution professional athletes to hire teams and give associates limited access to their accounts.
House panel pushes repeal of DOL independent contractor rule
Committee votes 21-13 to undo the contentious DOL regulation, paving the way for the measure to be considered by the full House.
Investing in precious metals may not be so safe, regulators warn
Joint effort by CFTC, NASAA and Finra flags risks and potential fraud, including common falsehoods and scams aimed at IRA investors.
Finra bars former ETrade employee
The former rep refused to cooperate with an investigation alleging that he transferred funds from a client account without authorization
Social Security backs off tough stance on recouping overpayments
Commissioner Martin O'Malley, in his early days on the job, said that practices will change next week.
Republicans propose raising retirement age
The proposal sets the stage for an election-year fight with President Biden, who accused the GOP of going after entitlement programs during his State of the Union address.
Fed still looking at 3 rate cuts in 2024, but sees fewer next year
Policymakers now see just three rate reductions in 2025, down from the four they forecast in December, following a recent uptick in inflation.
