Results for "lawsuits"

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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."...

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....

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...

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...

401(k) lawsuit over Vanguard fees ends with $23.7 million settlement

April 10, 2019

Health insurer Anthem Inc., sued by employees who claimed its 401(k) retirement plan had excessive fees even though its provider was the Vanguard Group, has settled the case for $23.7 million. The lawsuit was originally filed in December 2015...

Air Force veteran-turned-adviser clashes with First Command

April 4, 2019

First Command Financial Planning Inc. is an independent broker-dealer that recruits retired military personnel. But one of the firm's former advisers — a disabled Air Force veteran — is unhappy with how he was treated and last month filed...

California wins auto-IRA lawsuit

April 2, 2019

California's auto-IRA program, CalSavers, survived a legal challenge that sought to nullify the state's new retirement vehicle, and some experts see the decision as a positive indicator for states that have similar programs and those considering...

Longest-running 401(k) fee lawsuit ends in $55 million settlement

March 29, 2019

Parties in the longest-running 401(k) fee lawsuit have agreed to a $55 million settlement, bringing to near conclusion a 12-year case that's one of the best-known of its kind. The lawsuit, Tussey v. ABB, was among the initial tranche of lawsuits...

Supreme Court backs SEC, rules against investment banker

March 27, 2019

The U.S. Supreme Court reinforced the Securities and Exchange Commission's powers, upholding sanctions against an investment banker found to have duped investors about a startup company's financial condition. The justices, voting 6-2, said Francis...

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...

Securities America hit with lawsuit seeking $18 million in damages

March 21, 2019

Securities America Inc. is dealing with the fallout from a rogue broker it fired last year, who was later charged with running a Ponzi. The firm now faces a lawsuit alleging that a family suffered $18 million in losses after working with the...

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...

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