Results for "lawsuits"

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Duke University settles 403(b) lawsuit for $10.7 million

January 18, 2019

Duke University settled a lawsuit alleging that it mismanaged its retirement plan for employees for nearly $11 million. It's the second higher-education institution, following the University of Chicago, to settle similar claims in the roughly...

Have 403(b) lawsuits hit a wall? Fifth university wins dismissal

January 9, 2019

Losses continue to mount for university employees suing their schools over allegedly excessive retirement-plan fees. Georgetown University became the fifth defendant to successfully beat back such claims in court. Roughly two dozen lawsuits...

Transamerica employees sue over 401(k) investment options

January 3, 2019

In another case involving the retirement plan of a major financial services firm, current and former employees of Transamerica Corp. have sued the company and its 401(k) plan fiduciaries, alleging they breached their duties under ERISA by not...

Cleaning up tainted broker records becomes a cottage industry for one law firm

January 3, 2019

Critics may take Dochtor Kennedy to task for helping brokers clean up their disciplinary records, but no one can argue with his success. The 39-year-old president and founder of AdvisorLaw, which specializes in removing customer complaints from...

Finra makes it harder for brokers to expunge tainted records

December 24, 2018

The Financial Industry Regulatory Authority Inc. has taken another step toward making it more difficult for brokers to have customer complaints expunged from their public records. The Finra Board of Governors announced Dec. 21 the approval of...

New York adviser pleads guilty to $11.5 million Ponzi scheme

December 14, 2018

The president of a New York-based registered investment adviser pled guilty Thursday in federal court to stealing $11.5 million from investors in a Ponzi scheme, and now faces up to 25 years in prison. Hector May, president of Executive Compensation...

Finra fines Merrill $300,000 for failing to supervise rogue broker

December 14, 2018

Finra has fined Merrill Lynch $300,000 for failing to supervise the actions of rogue broker Eva Weinberg, who was employed by the wirehouse for one year in 2010. The fine is part of the lingering ripple effect of a series of court battles that...

Edward Jones settles 401(k) lawsuit for $3.2 million

December 13, 2018

Edward Jones will pay $3.2 million to settle a lawsuit alleging the firm enriched itself at the expense of employees through mismanagement of its company 401(k) plan. The lawsuit, which was filed in August 2016, claimed the brokerage firm stacked...

BB&T settles 401(k) lawsuit for $24 million

December 4, 2018

Branch Banking and Trust Co. will pay $24 million to settle a lawsuit alleging it profited from its 401(k) plan at the expense of its employees, one of the largest settlements to date reached by a financial firm involved in such litigation....

Waddell & Reed settles 401(k) lawsuit for $4.9 million

November 21, 2018

Waddell & Reed Financial Inc. is settling a lawsuit that alleges it loaded its company 401(k) plan with costly in-house investments by agreeing to pay nearly $5 million. The class-action lawsuit claimed the asset manager breached its fiduciary...

Cetera broker-dealers latest to file legal claim against Ohio National

November 21, 2018

This story has been updated to include additional information not available when originally published. The six broker-dealers in the Cetera Financial Group network have filed arbitration claims against Ohio National Life Insurance Co. and affiliates,...

UBS reaches last leg of two largest court battles

November 9, 2018

UBS Group AG's two biggest legal cases in years are entering the final stretch in a test of CEO Sergio Ermotti's strategy of taking on French and U.S. authorities. The Swiss bank was hit with a long-expected U.S. fraud lawsuit that accused it...

Ex-Morgan Stanley broker sues firm for wrongful termination, smear campaign

November 9, 2018

A former Morgan Stanley broker is suing his ex-employer for what he claims was a calculated plan to destroy his career and take control of his clients. In a lawsuit filed Thursday with the Financial Industry Regulatory Authority Inc., 61-year-old...

Ohio National sued by broker-dealer Veritas over annuity trail commissions

November 8, 2018

Ohio National Financial Services Inc. and its affiliates have been sued by an independent broker-dealer, Veritas Independent Partners, over the insurer's recent termination of trail commissions on some variable annuities. In September, Ohio...

LPL broker sues Ohio National for 'unlawful' move on variable annuity compensation

November 6, 2018

A broker with LPL Financial has filed a class-action lawsuit against Ohio National Life Insurance Co. and two affiliates for the allegedly unlawful termination of trail commissions on certain variable annuity policies. Ohio National stunned...

Jackson National to settle 401(k) self-dealing lawsuit for $4.5 million

November 5, 2018

Jackson National Life Insurance Co. has reached a $4.5 million settlement in a self-dealing lawsuit that alleged the company profited at the expense of its employees by adding high-cost proprietary investment funds to its 401(k) plan. The settlement...

David Bach and Ric Edelman lock horns in cease-and-desist tit-for-tat

October 31, 2018

With financial services industry consolidation hitting record levels, it's only logical that breakups will also become more common, and some breakups are messier than others. The latest example is the ongoing tit-for-tat between David Bach and...

Morgan Stanley case shows how firms smear departing brokers

October 23, 2018

Dale Cebert was managing over $400 million for Morgan Stanley Smith Barney when the bank fired him. That wasn't the only blow. The bank also claimed he had drawn multiple customer complaints and run a side business without approval — allegations...

Wells Fargo Advisors to fire back against former brokers suing it

October 19, 2018

Wells Fargo Advisors plans to fight back against two ex-brokers who sued the firm this month, claiming they lost business in the wake of the bank's scandals, by filing a counterclaim against them in industry arbitration. The advisers, John L....

Ex-Wells Fargo brokers sue for damages, claiming they lost business in wake of scandals

October 18, 2018

Two brokers who left Wells Fargo Advisors at the start of the month have sued the firm, along with Wells Fargo Bank, alleging that the steady stream of scandals over the past two years at the bank and brokerage substantially damaged their business....

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