Results for "lawsuits"

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Wells Fargo hits more bumps as it tries to move past scandals

March 21, 2019

A federal judge said he's not ready to sign off on Wells Fargo & Co. collecting $240 million in insurance payments from 20 bank officials in connection with the lender's unauthorized-accounts scandal — even though the settlement was touted...

Advisers charged with 'gambling away' millions from clients

March 20, 2019

Massachusetts securities regulators have charged two investment adviser representatives and their firm, Oakdale Wealth Management, with "gambling away" millions of dollars on unsuitable energy investments from more than 250 client accounts....

Fidelity sued again for 'illegal' 401(k) fees

March 19, 2019

Fidelity Investments has been sued by 401(k) participants from three different retirement plans who allege the firm charged an "illegal and undisclosed" fee to certain business partners, resulting in higher costs and reduced retirement savings...

Sweeping Ed Butowsky lawsuit takes on 'left-wing media bias'

March 14, 2019

Plano, Texas-based financial adviser Ed Butowsky has filed a sweeping lawsuit against 22 defendants, including lawyers and members of the media, claiming defamation and malicious prosecution related to lawsuits that have been filed against him....

Advisers see college admissions scandal as tip of the iceberg

March 13, 2019

The college admissions scandal in which dozens of wealthy parents are accused of various forms of cheating and bribery to get their children into elite universities is generally viewed as outrageous but not surprising by the financial planning...

Brown University settles 403(b) lawsuit for $3.5 million

March 13, 2019

Brown University has reached a $3.5 million settlement in a lawsuit alleging the school mismanaged its retirement plan and cost employees millions of dollars in savings. Around two dozen prominent colleges and universities have been sued since...

Ed Butowsky, Schwab head to arbitration over $100 million defamation claim

March 8, 2019

A $100 million defamation lawsuit that financial adviser Ed Butowsky filed against Charles Schwab & Co. is headed to arbitration. Mr. Butowsky, managing partner of Chapwood Capital Investment Management, alleged that Schwab defamed him and his...

Lessons for advisers from 401(k) lawsuits

March 5, 2019

Perhaps nothing causes as much anxiety for retirement plan advisers as the potential for a client to be hauled into court to face accusations of fiduciary breaches. Even in the best-case scenario where the plan successfully defends itself, dealing...

Are the economics of active management becoming unsustainable?

February 27, 2019

When one of the world's largest money managers calls the economics of a major fund platform into question, it raises a few eyebrows. Fidelity Investments, which manages $2.5 trillion for investors, said the ongoing movement to low-cost mutual...

Wells Fargo sees 'possible' legal losses rising by $500 million

February 27, 2019

Wells Fargo & Co., beset by a wave of government probes into suspected customer abuses, boosted an estimate for its potential legal losses by $500 million. The company said it might have to spend as much as $2.7 billion more than what it already...

Fidelity sued for 'secret payments' in 401(k) plans

February 25, 2019

Fidelity Investments has been sued by a 401(k)-plan participant for accepting "secret payments" from certain retirement-plan business partners, allegedly allowing it to reap larger profits at the expense of its customers' retirement savings....

SEC settles fraud case with jailed former Morgan Stanley adviser

February 22, 2019

The Securities and Exchange Commission has entered a final judgment against James S. Polese, a Boston-based former adviser with Morgan Stanley, who was charged with misappropriating client funds. The agency also barred him from the securities...

UBS prepares for impact of massive $5 billion fine

February 22, 2019

UBS Group AG Chief Executive Officer Sergio Ermotti said the bank will prioritize protecting its dividends if it can't get out of paying a massive fine imposed in a French tax-evasion case. "We need to consider our business outlook, including...

Philadelphia sues seven banks over 'collusion' in municipal bond deals

February 21, 2019

Philadelphia sued seven banks, including JPMorgan Chase & Co. and Bank of America Corp., accusing them of costing local governments billions of dollars by colluding to fix the prices on floating-rate bonds issued to finance public works. The...

UBS ordered to pay more than $5.1 billion in French tax case

February 20, 2019

UBS Group was ordered to pay more than 4.5 billion euros ($5.1 billion) by a Paris court that found the bank guilty of having helped wealthy French clients stash funds in undeclared Swiss accounts. Shares of UBS fell as much as 3.1%. The Paris...

UBS at risk after $5 billion surprise penalty

February 20, 2019

UBS Group AG's decision to fight a tax case in France, rather than settle it, led to a nasty surprise. Switzerland's biggest bank was ordered to pay more than $5 billion Wednesday over a tax-evasion case in France — matching what was sought...

Franklin Templeton settles 401(k) lawsuit for $14 million

February 20, 2019

Franklin Templeton Investments has agreed to pay roughly $14 million to settle a lawsuit alleging the firm profited at the expense of its employees by loading its 401(k) plan with in-house investments. Plaintiffs in the class-action lawsuit...

Ohio National extends variable annuity buyout offer

February 20, 2019

Ohio National Life Insurance Co. is extending by about a month a buyout offer it made on some of its variable annuity products. The insurer last year gave owners of ONcore variable annuities with a guaranteed minimum income benefit rider the...

UBS eschews $6 billion settlement in French tax investigation

February 19, 2019

It's UBS Group AG's $6 billion gamble, but the risk extends far. The Swiss lender eschewed a settlement in a French tax investigation after failing to agree on an amount, exposing it to in-court demands from the state and prosecutors. Paris...

Cetera, other broker-dealers refuse to sign Ohio National contracts

February 15, 2019

A handful of broker-dealers, including Cetera Financial Group and NEXT Financial Group, have rebuffed Ohio National Financial Services Inc. by refusing to sign new agreements with the insurer, the latest twist in an ongoing dispute over variable...

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