Results for "lawsuits"

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California, New York, Oregon and AARP petition court to defend DOL fiduciary rule

April 26, 2018

A cavalry in the form of several state attorneys general and AARP, the massive interest group for retired Americans, is trying to come to the rescue of the Department of Labor's fiduciary rule, which is within days of dying in a federal court....

AARP seeks to defend DOL fiduciary rule in 5th Circuit

April 26, 2018

One of the most powerful proponents for the Labor Department's fiduciary rule will try to protect the measure in court, where it could die as early as Monday. AARP, the massive interest group for retired Americans, said Thursday it will file...

UBS whistleblower told he doesn't get protection from firing

April 25, 2018

Wall Street whistleblowers just got another reason to take their gripes directly to the Securities and Exchange Commission. Employees who report corporate wrongdoing are offered financial incentives and protection from retaliation under the...

Ex-LPL broker's lawsuit alleges back-office snafus

April 25, 2018

A new lawsuit from a former LPL Financial adviser in New Hampshire who was fired in 2016 highlights a variety of alleged back office and service problems at the mega firm as it continues to pursue potential acquisitions of major broker-dealer...

Nevada broker sues Merrill Lynch over gender discrimination

April 24, 2018

A female broker in Nevada has sued Merrill Lynch for gender discrimination, saying the firm retaliated against her for complaining about her treatment. Betsy Whipple, who had been recruited from Morgan Stanley in 2011, said in a complaint filed...

U.S. Supreme Court debates status of SEC's in-house judges

April 23, 2018

The Supreme Court considered bolstering the president's power over federal agencies in a clash over the constitutional status of the in-house judges who handle complaints at the Securities and Exchange Commission. On Monday, the justices heard...

Litigation, scale push private colleges to adopt multiple employer plans

April 23, 2018

Pioneers circled their wagons for mutual protection, and a new trend emerging in the 403(b) space employs a roughly similar tactic. Small and independent, nonprofit private colleges — in search of ways to improve the retirement outlook for...

Ed Butowsky charges Schwab with political bias in $100 million lawsuit

April 20, 2018

Ed Butowsky, a Plano, Texas-based financial adviser who has been embroiled in a high-profile legal dispute related to the 2016 presidential election, has filed a $100 million lawsuit against Charles Schwab Corp. for kicking his advisory firm...

Principal sued for stacking its TDFs with proprietary funds

April 19, 2018

Principal Financial Group has been sued for allegedly loading its target-date funds with costly and underperforming in-house investments, in the latest example of 401(k) participants targeting financial firms for purportedly enriching themselves...

What a court decision teaches 401(k) advisers about choosing stable-value funds

April 19, 2018

In order to reduce their risk of fiduciary liability, 401(k) plan sponsors often seek to offer an investment menu that satisfies the requirements of ERISA Section 404(c), which eliminates the risk associated with investment choices by plan participants....

401(k) lawsuits being brought more aggressively against retirement plan advisers

April 17, 2018

Retirement plan advisers are increasingly being drawn into 401(k) lawsuits, as litigation creeps down market and plaintiffs' lawyers test out new legal theories to ensnare advisers, according to a panel of litigation experts speaking Monday...

401(k) plan participants sue Home Depot over alleged fiduciary breaches

April 13, 2018

Two participants in Home Depot Inc.'s 401(k) plan have sued plan executives alleging that excessive fees and poor-performing investments represented a breach of their fiduciary duties under the Employee Retirement Income Security Act. The participants...

J.P. Morgan, ex-broker move dispute over clients from court to Finra arbitration

April 13, 2018

J.P. Morgan Securities and a former broker the firm sued for soliciting his old clients have agreed to move their dispute to an arbitration panel at the Financial Industry Regulatory Authority Inc. On Tuesday, J.P. Morgan Securities filed a...

FPA tries to calm waters made turbulent by New York chapter 'dysfunction'

April 5, 2018

The Financial Planning Association moved this week to allay any worries stemming from the ongoing tumult in its New York chapter, but a level of unrest has emerged elsewhere in the country in light of a fledgling FPA initiative that could ultimately...

Judge dismisses parts of Yale 403(b) suit, lets others stand

April 4, 2018

A federal court judge in Hartford, Conn., has dismissed a few complaints in a lawsuit alleging ERISA violations in Yale University's 403(b) plan, while rejecting most of the university's petition that all complaints be thrown out. The split...

JPMorgan accused of wrongful death by estate of star broker

April 3, 2018

The estate of a deceased broker filed a wrongful death lawsuit against JPMorgan Chase & Co., saying he took his life after becoming despondent because he was forced to retire. Michael A. Lorig suffered from depression and mental illness, and...

Morgan Stanley fights to keep fired-broker lawsuit private

April 2, 2018

Morgan Stanley is pulling out all the stops to prevent a wrongful termination suit filed by a former broker who authored a tell-all memoir from going to a public hearing. Lawyers for the wirehouse filed a second motion Friday to move the lawsuit,...

JPMorgan $8 billion loss to widow faces massive reduction

March 30, 2018

JPMorgan Chase & Co. will probably face a judgment of no more than $90 million in a lawsuit claiming mismanagement of an estate that initially brought a jury verdict of $8 billion in punitive damages. In September, a Dallas jury awarded excessive...

Gannett 401(k) participant sues over stock holdings in former parent company

March 26, 2018

A participant in the Gannett Co. Inc. 401(k) Savings Plan sued the company and plan executives, alleging they violated their fiduciary duties for holding too much stock in Gannett's former parent company in the 401(k) plan. "Defendants caused...

Aon Hewitt wins 401(k) lawsuit over robo-adviser kickbacks

March 21, 2018

Aon Hewitt has won a lawsuit alleging that it engaged in a kickback scheme with a 401(k) plan robo-adviser that inflated costs for retirement plan participants. The lawsuit, originally filed in January 2017 on behalf of participants in the Caterpillar...

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