Results for "lawsuits"

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JPMorgan to pay $800M to settle Lehman brokerage claims

April 22, 2011

JPMorgan Chase & Co. will settle claims against it brought by Lehman Brothers Holdings Inc.'s brokerage by returning $800 million in cash and securities, according to court papers. The defunct brokerage, Lehman Brothers Inc., will distribute...

Ameriprise, investors seek court's OK on deal

April 20, 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...

Wells Fargo to pay $11.2M in case of alleged overpricing

April 10, 2011

Home loan giant Wells Fargo & Co. has agreed to pay $11.2 million to settle federal securities charges involving mortgage-based investments that Wachovia Capital Markets LLC sold to the Zuni American Indian tribe and other investors. According...

Aviva fleeced in church scam, suit claims

April 10, 2011

Aviva Life and Annuity Co. late last month filed suit in federal court against a handful of life insurance agents, claiming that they fraudulently sold coverage to some 119 church members. The suit, filed in the U.S. District Court for the Central...

Former Merrill president wins $1.2M award

April 3, 2011

The good news for Ahmass Fakahany, a former top executive of Merrill Lynch & Co. Inc. is that March 24, a Finra panel awarded him $1.2 million in an arbitration claim against his former firm. The bad news is that he was seeking $70 million....

Pacific Life ordered to pay $260K over paperwork snafu

March 31, 2011

A federal court judge decided against Pacific Life Insurance Co. this week in a case involving the delayed exchange of a variable life insurance policy, ordering the carrier to pay Branch Banking & Trust Co. $259,926, plus interest. Judge John...

'Belgian royal' money manager gets stiff sentence for fraud

March 23, 2011

Guy de Chimay, who pleaded guilty to running what prosecutors called a $7 million Ponzi scheme and claiming a link to a Belgian royal fortune, was sentenced to three to nine years in prison. Besides the prison term, Justice Gregory Carro of...

'Friend' of Ned is convicted of mail fraud

March 20, 2011

A Rhode Island man was convicted last week of mail fraud and money laundering after creating a fictitious friendship with Fidelity Investments chairman Edward “Ned” Johnson III as a way to bilk investors. Rocco P. DeSimone was convicted...

Court tosses long-running suit against Finra

February 27, 2011

A federal appeals court last Tuesday agreed that a lawsuit brought by a brokerage firm over the 2007 merger of NASD and the regulatory arm of the New York Stock Exchange should be thrown out. That union created the Financial Industry Regulatory...

B-Ds sue insurers over coverage caps

February 20, 2011

Three independent broker-dealers are suing their respective insurance carriers for failing to cover investors' legal claims, with one charging that its insurer has exposed it to “financial ruin.” The broker-dealers, Next Financial Group...

B-D to settle private-placement suits

February 20, 2011

A broker-dealer that was a prominent seller of high-risk private placements that wound up going bust has almost wiped the slate clean of costly litigation that could have impaired the firm's financial condition. Workman Securities Corp. this...

Two broker-dealers capitalize on QA3's demise

February 13, 2011

Two broker-dealers have emerged as early winners in the fight over the 400 representatives affiliated with QA3 Financial Corp., which officially shut down Friday. Last week, as recruiters mounted a frenzied campaign to sign up reps from the...

B-D seeks to combine 36 legal claims

January 23, 2011

A cash strapped independent broker-dealer that sold $65.3 million in high-risk oil and gas private placements is seeking to combine 36 separate arbitration claims and lawsuits as part of a class action settlement. Two weeks ago, a federal judge...

QA3 facing bankruptcy in insurance squeeze

January 16, 2011

QA3 Financial Corp. faces bankruptcy because of a dispute with its insurance carrier over the amount of coverage that the independent broker-dealer has for legal claims stemming from its sale of high-risk private placements over the past decade....

YieldPlus costs Schwab $119M in settlement

January 16, 2011

The Charles Schwab Corp. will pay $119 million to regulators to settle charges related to its disastrous YieldPlus bond fund, the company said last week. The fines settle charges brought by the Securities and Exchange Commission, the Financial...

QA3 tangles with insurer over private-placement coverage

January 12, 2011

QA3 Financial Corp., an independent broker-dealer that was a leading seller of high-risk private placements over the last decade, in a recent lawsuit said its insurance carrier was pushing it into bankruptcy by failing to back up its coverage....

Ex-CEO of Red Hat sues family's financial advisers over $60M

December 28, 2010

The former CEO of Raleigh-based software firm Red Hat Inc. is suing his family's financial advisers, saying they misused $60 million. Matthew Szulik and his family filed the federal lawsuit in North Carolina against TAG Virgin Islands Inc. The...

New York Life, MassMutual sued over Madoff investments

December 19, 2010

A machinery manufacturer has sued New York Life Insurance Co., claiming it lost money in variable universal life policies that were invested in funds linked to the Madoff scandal. Experts say similar suits are likely to follow. Cummins Inc....

B-Ds in doghouse over failed real estate product

December 8, 2010

Nearly 100 small to midsize independent broker-dealers find themselves in hot water from sales of a real estate investment known as a tenant-in-common exchange. Dubbed a TIC, the vehicle is a form of real estate ownership in which two or more...

More than 140 former Madoff clients are sued over fake profits

December 1, 2010

A group of at least 140 of Bernard Madoff's former investors, including Thomas H. Lee, were sued by a court-appointed trustee seeking to recover fictitious profits they received in the six years before the con man's firm filed for bankruptcy...

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