Results for "lawsuits"

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Court upholds $3 million arbitration award against Spire Securities

November 6, 2019

A New York federal court has upheld a $3 million arbitration award holding Spire Securities responsible for failing to supervise one of its brokers who operated a Ponzi scheme. The broker, Patrick Evans Churchville, sold investments through...

Supreme Court to consider challenge to SEC disgorgement powers

November 1, 2019

The Supreme Court agreed to consider stripping the Securities and Exchange Commission of its power to recoup illegal profits from wrongdoers, taking up a challenge to one of the agency's most potent legal weapons. The appeal by Charles Liu and...

Goldman Sachs sued for 'unlawful' 401(k) management

October 29, 2019

Goldman Sachs has been sued for the alleged "unlawful" management of its company 401(k) plan related to the plan's use of in-house actively managed mutual funds, which the lawsuit says provided the firm with a financial benefit at the expense...

Ex-UBS star broker called a 'bitch' by her boss wins $1.6 million discrimination claim

October 28, 2019

A former star broker for UBS Financial Services Inc. who was repeatedly called a "bitch" by her boss won a $1.6 million arbitration award last month. Chrisine Carona worked for UBS in Boston from March 2009 through July 2017 and currently is...

Security Benefit indexed annuity fraud lawsuit may signal trouble for other insurers

October 25, 2019

A lawsuit that alleges Security Benefit Life Insurance Co. engaged in a fraudulent scheme related to its indexed annuities hints at trouble for other indexed annuity shops at a time when the products are growing more popular. The lawsuit, Howard...

Morgan Stanley wins 401(k) lawsuit over use of in-house and BlackRock funds

October 10, 2019

Morgan Stanley has won a lawsuit alleging that it included high-cost, underperforming in-house and BlackRock investment funds in its company 401(k) plan, costing its employees millions of dollars in lost retirement savings. Plaintiffs originally...

ARCP class action investors get 50 cents on the dollar: Attorneys

October 7, 2019

The $1 billion settlement last month between investors and the real estate investment trust formerly known as American Realty Capital Properties Inc. included an unusually large recovery for the claimants of close to fifty cents on the dollar,...

LPL, Triad brokers lose Ohio National lawsuit over variable annuity commissions

October 4, 2019

Brokers affiliated with LPL Financial and Triad Advisors have lost separate lawsuits against Ohio National Life Insurance Co. that sought to overturn the insurer's decision to stop paying variable annuity commissions. Concurrently, however,...

Commonwealth Financial fires back at SEC charges of conflicts of interest

October 3, 2019

Commonwealth Financial Network earlier this week shot back at charges from the SEC that it failed to disclose material conflicts of interest related to revenue-sharing. Commonwealth Financial's clients were not deceived by any fee payments or...

401(k) lawsuits get more complex

October 2, 2019

Lawsuits targeting 401(k) plan sponsors increasingly involve issues that are complex and granular. It's a trend that's likely to continue as such litigation proliferates and one that some advisers and attorneys fear may leave employers paralyzed...

SALT tax-cap challenge by New York and New Jersey is tossed

September 30, 2019

Four states in the eastern U.S. lost a legal challenge to a provision of the 2017 tax law that limited write-offs for state and local taxes, as a federal judge threw out a lawsuit seeking to block the cap. The Republicans' 2017 tax law capped...

Finra bars former Wells Fargo broker for insider trading

September 26, 2019

The Financial Industry Regulatory Authority Inc. has barred Joseph Pratt, who most recently was a broker at Stifel Nicolaus in Conshohocken, Pa., for trading insider information dealing with biopharmaceutical clinical trials in 2013 and 2014....

Efforts to block Reg BI likely to lead to delay, confusion

September 21, 2019

If the recent lawsuit filed by seven states and the District of Columbia attempting to put the kibosh on the Securities and Exchange Commission's controversial broker-conduct rule feels familiar, it's because we've been down this road before....

Court decision key for estate planners

September 20, 2019

Rarely does a case involving the taxation of trusts, or their beneficiaries, make its way to the U.S. Supreme Court. So, when the court chose to hear what is now known as the Kaestner case, the estate planning community paid rapt attention to...

Trump administration wants to kill California's auto-IRA program

September 18, 2019

The Trump administration is trying to upend California's auto-IRA program, CalSavers, with the intent of halting an initiative among other states that would force employers to offer employees workplace retirement savings plans. The U.S. Department...

Reg BI suits promise long legal fight over whether SEC did enough to protect investors

September 18, 2019

Two lawsuits filed last week against the Securities and Exchange Commission's investment advice reform package point to an extended legal battle that is unlikely to be resolved before the new regulations must be implemented next year. Although...

RIA takes dispute with Fidelity to the Supreme Court

September 16, 2019

A defunct registered investment adviser and two former clients locked in a legal battle with Fidelity Investments are appealing their case to the U.S. Supreme Court. The petition involves allegations by now defunct AER Advisors that Fidelity...

MIT settles class-action suit that snared Fidelity's Abigail Johnson

September 13, 2019

The Massachusetts Institute of Technology has reached a settlement agreement in a class-action lawsuit that alleged a quid pro quo arrangement with Fidelity Investments related to the university's 401(k) program. The agreement comes just days...

LPL fired Mark Lamkin. Now he's fighting back

September 10, 2019

LPL Financial fired Mark Lamkin last year. Now the Louisville, Ken.-based adviser is fighting for his professional life. After Mr. Lamkin faced allegations in August 2018 that he received loans from clients, failed to disclose outside business...

Monitoring 401(k) cross-selling may be next frontier for advisers

September 10, 2019

Trends and developments in the 401(k) market often migrate over to 403(b) plans. Examples include automatic enrollment, which is increasingly popular with plan sponsors, and litigation against plan fiduciaries, which is less popular). Sometimes...

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