Results for "lawsuits"

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Fidelity says it's entitled to alleged 'secret payments' in 401(k) plans

July 9, 2019

Fidelity Investments said it is legally entitled to payments it receives in connection with 401(k) investments and that the collection of such fees has become necessary for record keepers given the prevailing economics of the industry. Fidelity,...

Finra arbitrators award $1.8 million to former USAA brokers for wrongful termination

July 8, 2019

Finra arbitrators awarded $1.8 million to brokers who claimed they were wrongfully fired by USAA Financial Advisors. Christopher R. Johnson and Lee Anne Przybyla were dismissed by USAA in April 2017 for allegedly seeking compensation to which...

Judge rejects Ohio National motion to throw out case involving variable annuity commissions

July 1, 2019

A broker of LPL Financial Inc. has won an important round of legal sparring with Ohio National Life Insurance Co., with a judge ruling that the broker's class-action lawsuit over variable annuity trail commissions should move forward. U.S. magistrate...

Broker-dealer pays $9.5 million to settle alternative investment claims by Native American tribe

June 26, 2019

Purshe Kaplan Sterling Investments will have to pay $9.5 million related to the sale of alternative investments to a Native American tribe in Michigan, according to a recent filing with the Securities and Exchange Commission. The independent...

Gucci settles 401(k) lawsuit for $1.2 million

June 25, 2019

Luxury fashion designer Gucci America Inc. has agreed to settle for $1.2 million a lawsuit alleging it mismanaged its 401(k) plan to the detriment of employees' retirement savings. Heather Janda Hay, a former plan participant, alleged Gucci,...

MFS settles 401(k) lawsuit for $6.9 million

June 17, 2019

Investment manager Massachusetts Financial Services Co. has reached a settlement of nearly $7 million in a lawsuit alleging the company enriched itself at the expense of employees' retirement savings by loading its 401(k) plans with costly,...

Edward Jones loses round in court against former broker who defected to Ameriprise

June 14, 2019

Edward D. Jones & Co. on Thursday suffered a setback in its fight to recoup client assets from a former broker who bolted to rival Amerprise Financial Services earlier this year. A state judge denied Jones' request for a temporary restraining...

June 11, 2019

BY Greg Iacurci The Supreme Court has agreed to hear a case alleging employer Intel Corp. lost its employees substantial retirement savings by investing a large portion of 401(k) plan assets in risky and high-cost hedge-fund and private-equity...

Supreme Court accepts 401(k) case about alternative investments in target-date funds

June 11, 2019

The Supreme Court has agreed to hear a case alleging employer Intel Corp. lost its employees substantial retirement savings by investing a large portion of 401(k) plan assets in risky and high-cost hedge-fund and private-equity investments....

Wells Fargo to pay $385 million in auto insurance scam

June 7, 2019

Wells Fargo & Co. agreed to pay at least $385 million to customers who say they were signed up for auto insurance without their knowledge or consent when they took out a car loan. (More: Wells Fargo sees 'possible' legal losses rising by $500...

Supreme Court to hear 401(k) stock-drop case

June 3, 2019

The Supreme Court accepted a 401(k) lawsuit Monday that could reframe how employers think about company stock in their retirement plans. Plaintiffs in the case, Retirement Plans Committee of IBM v. Larry W. Jander, allege that plan fiduciaries...

JPMorgan Chase to pay $5 million in parental-leave discrimination claim

May 30, 2019

JPMorgan Chase & Co. has agreed to pay $5 million to resolve a discrimination claim filed by a male employee who alleged the bank's parental leave policy was biased against dads. The payout resolves a 2017 complaint brought by the American Civil...

Auditor: Future of broker-dealer with history of problems is in doubt

May 23, 2019

Newbridge Securities Corp., a small to midsize broker-dealer with a history of compliance problems, recently released a grim assessment of its financial health. In its annual audited financial statement, which was filed in March but did not...

CITs are changing the retail 401(k) world

May 22, 2019

"It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness … we had everything before us, we had nothing before us, we were all going direct to Heaven, we were all going direct the other way."...

Eaton Vance settles 401(k) lawsuit for $3.45 million

May 8, 2019

Eaton Vance will pay $3.45 million to settle a class-action lawsuit alleging it mismanaged its company 401(k) plan and profited at the expense of its employees by offering them in-house mutual funds. The settlement furthers a trend playing out...

Morgan Stanley advisers win huge $6.4 million deferred comp claim against Credit Suisse

May 8, 2019

Two star brokers at Morgan Stanley won a stunning $6.4 million arbitration award against their old firm, Credit Suisse Securities, claiming they did not receive deferred compensation they were entitled to after the firm closed down its U.S....

Investors start to sue broker-dealers that sold GPB private placements

May 7, 2019

Individuals are starting to file arbitration claims against broker-dealers that sold private placements packaged by GPB Capital, which raised $1.5 billion from investors and is under investigation by state and federal authorities. GPB is facing...

Fidelity sales tactics called out in settlement of retirement plan lawsuit

April 23, 2019

The marketing and sales tactics Fidelity Investments uses with retirement savers were called out in a lawsuit involving alleged retirement-plan mismanagement by Vanderbilt University, bringing into focus the ongoing and seemingly increasing...

Massachusetts charges adviser with concealing information in marijuana deals

April 17, 2019

Massachusetts securities regulators have charged a state-licensed investment adviser representative with various forms of misconduct in an investment scheme involving medical marijuana ventures. (More:​ Advisers struggle with the highs and...

Sales of unregistered securities are a growing problem that's harming investors — and the industry

April 13, 2019

To an investor, Castleberry Financial Services Group's promise of up to a 12.2% annual yield on the alternative investment fund it was selling might have seemed awfully tempting. So might the assurance that your principal would be insured and...

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