Results for "lawsuits"

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Finra proposal could aid broker class actions

July 22, 2011

Finra will be proposing a rule change that might help brokers pursue class action employment claims. The Financial Industry Regulatory Authority Inc. wants to ban from its arbitration forums so- called “collective action” claims brought...

Massachusetts suing RBC Capital, rep over leveraged ETF sale

July 20, 2011

Massachusetts' top securities regulator is suing RBC Capital Markets LLC and one of its former registered representatives over the sale of leveraged exchange-traded funds, saying they sold them to clients who didn't understand how the investments...

Wedbush ordered to pay $3.5M for 'morally reprehensible failure'

July 17, 2011

Wedbush Securities Inc. was ordered to pay former municipal bond trader Stephen Kelleher $3.5 million for failing to give him years' worth of incentive-based compensation he was owed. A three-person Financial Industry Regulatory Authority Inc....

Investment nightmare not over for NFL player

July 17, 2011

A lawsuit by an NFL player against his investment advisers that was settled months ago has come back to life. A federal judge has issued an arrest warrant for a businessman associated with the two financial advisers named in the suit. On June...

Trustee demands $19B in damages from Madoff-'enabling' JPMorgan

June 27, 2011

Irving Picard, the trustee liquidating Bernard Madoff's firm, said he filed a revised lawsuit today against JPMorgan Chase & Co., demanding a minimum of $19 billion in damages. Picard had sought $5.4 billion in damages previously in addition...

David Lerner Associates sued over sales of REITs

June 26, 2011

David Lerner Associates Inc. has been sued by investors who claim that it acted negligently in the sale and underwriting of more than $6.8 billion in shares of the Apple Real Estate Investment Trusts. The brokerage firm, known for its founder's...

Court says third-party carriers to retirement plans can be sued

June 24, 2011

A federal circuit court yesterday decided that retirement-plan participants can sue third-party insurers under the Employee Retirement Income Security Act of 1974. A panel of 11 judges on the 9th U.S. Circuit Court of Appeals ruled that ERISA...

Supreme Court blocks Janus market-timing lawsuit

June 19, 2011

In a much-awaited decision, the Supreme Court last week ruled in favor of the mutual fund industry in a case involving a company's responsibility for statements made in prospectuses, eliciting a huge sigh of relief from fund companies, broker-dealers...

Supreme Court blocks market-timing lawsuit against Janus

June 13, 2011

In a much-awaited decision, the Supreme Court today ruled in favor of the mutual fund industry in a case involving a company's responsibility for statements made in prospectuses, eliciting a huge sigh of relief from fund companies, broker-dealers...

12(b)-1 ruling eases fund firms', B-Ds' worries - for now

June 12, 2011

Mutual fund companies breathed a sigh of relief last week when a judge dismissed a case that could have forced funds to pay back years' worth of 12(b)-1 fees, creating more pressure on broker-dealers to register as investment advisers. In Bradley...

Provident mess lands on Fidelity's doorstep

June 12, 2011

The tentacles of litigation stemming from a series of oil and gas private placements that failed two years ago have ensnared a giant in the clearing and custody business, National Financial Services LLC, a unit of Fidelity Investments. Milo...

Securities America settles with state in conditional resolution of Reg D mess

May 29, 2011

Putting an end to a bitter dispute over the sale of failed private placements, Securities America Inc. has agreed to make whole 63 Massachusetts clients who bought $5 million of failed notes issued by Medical Capital Holdings Inc. Securities...

Indie broker-dealer J.P. Turner bucks trend by winning private-placement case

May 22, 2011

In what can only be viewed as a surprise outcome, an independent broker-dealer has won a rare legal victory in the continuing scrum over private placements that has forced several broker-dealers to shut down. In federal court in Atlanta last...

ARS mess could cost Raymond James up to $50M

May 15, 2011

Raymond James Financial Inc. could face a loss of $25 million to $50 million if it has to buy back distressed auction-rate securities from clients immediately. The Securities and Exchange Commission, the New York attorney general's office and...

Judge kills Pru motion to toss death benefit suits

May 15, 2011

A Massachusetts federal court judge has quashed a motion by Prudential Insurance Co. of America to dismiss a lawsuit alleging that the insurer had wrongfully held on to veterans' death benefits instead of paying them out in a lump sum. Judge...

Barclays to get $1.1B from Lehman brokerage trustee

May 9, 2011

Barclays Plc, which bought Lehman Brothers Holdings Inc.'s North American business, will get $1.1 billion in trading assets from the trustee liquidating the remnants of Lehman's brokerage, the trustee's lawyer said. The two sides continue to...

Gundlach's fast-growing startup sees nearly $6B in inflows in a year

May 8, 2011

Despite months of legal wrangling with his former employer, TCW Group Inc., it appears that Jeffrey Gundlach's move to start his own firm is paying off. According to research released last week, his firm, DoubleLine Capital LP, is the fastest-growing...

Ex-Lehman brokerage exec appeals over $19.6M bonus claim

April 27, 2011

An ex-Lehman Brothers Holdings Inc. brokerage executive took his fight for $19.6 million in bonuses to a higher court after a bankruptcy judge said Barclays Plc didn't agree to be bound by his Lehman contract when it bought the brokerage. Maximilian...

Ex-Allstate agent sues for $15M, alleges he was forced out

April 24, 2011

Veteran insurance agent Paul A. Mattus has filed suit against The Allstate Corp., claiming that the carrier muscled him out of his book of business and passed it on to a newer, younger agent. Mr. Mattus filed suit against the insurer and its...

Ameriprise, investors ask court for OK

April 24, 2011

Ameriprise Financial Inc., two of its Securities America units and a group of investors who sued them asked a U.S. judge to approve a proposed $80 million cash settlement. The investors had bought stock and partnership interests in Provident...

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