Results for "lawsuits"

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Former fund manager says firm's founder bullied him, called him a 'moron'

November 13, 2011

Patrick Evershed, a former New Star Asset Management Holdings Inc. fund manager, was bullied by company founder John Duffield, who called him a “criminal” and a “moron,” according to Mr. Evershed's lawyer. The hedge fund manager is suing...

NAPFA fears fallout from Spangler probe

October 23, 2011

The National Association of Personal Financial Advisors, whose members consider their fee-only model to be the gold standard for unbiased advice, is worried that its reputation will be tarnished in light of a second high-profile investigation...

Court orders Wells to pay up in raiding claim

October 16, 2011

A California appellate court has ordered Wells Fargo Advisors LLC to pay $915,000 in legal fees to Stifel Nicolaus & Co. Inc. and Stifel broker Chris Nielsen. Last year, an arbitration panel ordered Wells Fargo to pay the fees, which stemmed...

Tricks plumped up REIT distributions, according to suit

October 16, 2011

An eye-opening analysis of the “distributions” of nontraded REITs sold exclusively by David Lerner Associates Inc. shows that the REITs' property investments largely underperformed the level required to pay promised dividends to investors....

Court orders Wells Fargo to pay up in failed raiding claim

October 10, 2011

A California appeals court has ordered Wells Fargo Advisors LLC to pay $915,000 in legal fees to Stifel Nicolaus & Co. Inc. and Stifel broker Chris Nielsen. Last year, an arbitration panel ordered Wells Fargo to pay the fees, which stemmed from...

Merrill advisers rebuffed on bias suit

October 9, 2011

The Supreme Court has refused to revive a bid to sue Bank of America Corp.'s Merrill Lynch unit for allegedly paying 700 black financial advisers less than their white counterparts. The justices last week turned away an appeal by 17 current...

BofA, JPMorgan, Wells accused of charging veterans illegal fees

October 5, 2011

Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. were among 13 banks and mortgage lenders accused in a so-called whistleblower lawsuit of charging military veterans illegal fees to refinance home loans. The banks charged fees...

Court KOs Finra's fine-collecting

October 5, 2011

A U.S. Circuit Court of Appeals today ruled that the Financial Industry Regulatory Authority Inc. has no right to collect fines through court judgments. In a rule change effective in 1990, Finra — then known as the NASD — began using debt...

Merrill Lynch fined $1M in broker's fraud

October 4, 2011

Bank of America Corp.'s Merrill Lynch unit will pay $1 million to resolve claims that supervisory failures enabled a Texas-based representative to operate a Ponzi scheme using a company account. Bruce Hammonds, who worked for Merrill Lynch in...

Merrill advisers rebuffed on bias suit

October 3, 2011

The U.S. Supreme Court refused to revive a bid to sue Bank of America Corp.'s Merrill Lynch unit for allegedly paying 700 black financial advisers less than their white counterparts. The justices today turned away an appeal by 17 current and...

Investment manager who allegedly promised 180% returns charged with scam

September 30, 2011

The Commodity Futures Trading Commission today slapped a Miami man with fraud charges and other allegations, claiming that he ran a phony $3 million commodity pool. The man, Oscar Hernandez, and his companies Midway Trading Co. LLC and Conquest...

Judge upholds ex-agent's misrepresentation claims in Allstate suit

September 16, 2011

A federal judge has allowed a pair of complaints to proceed in a lawsuit against The Allstate Corp. brought by a 28-year veteran agent who claims he was muscled out of his book of business and wrongfully terminated. The case, filed in April...

Former LPL adviser: I was fired for running gun ad

September 14, 2011

A former LPL Financial LLC financial adviser is suing the firm, alleging that the largest independent broker-dealer wrongfully fired him and in turn defamed his reputation on the eve of the its initial public offering last year. Robert Ray Bennie...

Deaf investment adviser defrauded 7,000 deaf clients: SEC

September 12, 2011

A Texas man who allegedly solicited $3.45 million from more than 7,000 deaf investors before securities regulators stopped him last year has been charged with fraud. The Securities and Exchange Commission alleges that Jody Dunn, who is deaf...

Firms fined $910K over handling fees

September 11, 2011

Living up to its warnings, Finra has walloped five firms for overcharging for postage and handling. Last Wednesday, the Financial Industry Regulatory Authority Inc. said it fined five firms a total of $910,000 for overcharging clients for handling...

Finra accused of age bias

September 4, 2011

A former district director of Finra's New York office has filed an age discrimination suit against the regulator, Reuters reported last week. Hans Reich, 66, alleges that he was terminated from the Financial Industry Regulatory Authority Inc....

Schwab sues banks for manipulating Libor rates

August 25, 2011

Eight Schwab mutual funds and related entities are the latest plaintiffs to sue a number of global banking institutions over alleged manipulation of the London interbank offered rate. In a suit filed August 23 in U.S. district court in San Francisco,...

Agent in church insurance flap: Parishioners were told to lie to Aviva

August 21, 2011

Aviva Life & Annuity Co. this month amended its lawsuit against six insurance agents in an alleged charity-owned life insurance scheme, claiming that the parishioners of a Los Angeles church were coached to lie to the insurer about the source...

Securities America reps see closure in settlement

August 14, 2011

A federal judge's approval this month of a class action settlement is good news for representatives from Securities America Inc. whose disgruntled clients named them in arbitration complaints over sales of private placements that went bust....

Financeware sues UBS over patent

August 14, 2011

Financeware Inc., the parent of Wealthcare Capital Management IP LLC, has sued UBS Financial Services Inc. for patent infringement. The suit, filed in the U.S. District Court for the Southern District of New York, charges that UBS infringed...

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