Results for "lawsuits"

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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...

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...

Convicted Ponzi scammer wants OK to sue his attorney

November 29, 2010

An Omaha businessman convicted of bilking elderly investors out of millions of dollars wants the Nebraska Supreme Court to reinstate his lawsuit against his business attorney. Bryan Behrens, 47, had sought to sue his former attorney Christian...

Death benefits ruling may make life tough for advisers

November 28, 2010

A recent ruling by New York's top court regarding life settlements may be good news for hedge funds, but it could slam advisers and brokers who facilitate these transactions. On Nov. 17, the New York State Court of Appeals ruled that state law...

Bank of America settles sex suit with Merrill broker

November 17, 2010

Bank of America Corp. settled a lawsuit filed by a broker who claimed the bank’s Merrill Lynch & Co. unit discriminates against women through its partnership model. Jamie Goodman, a broker who worked at Merrill since 1992, sued last year in...

Schwab's about-face on suit triggers downgrade

November 14, 2010

FBR Capital Markets downgraded The Charles Schwab Corp. last week on concerns that the company could face more litigation from investors. FBR expressed concern in a report about Schwab's recent decision to terminate a settlement agreement that...

NFL players at risk of financial roughing

October 31, 2010

Several current and former National Football League players recently have found themselves ensnared in alleged Ponzi schemes or legal battles over failed investments. Last month, former Denver Broncos quarterback John Elway re-vealed that he...

NFL star sues ‘long-term friend' for investment in airplane hangars

October 25, 2010

A defensive end with the NFL's defending Super Bowl champs, the New Orleans Saints, is suing his former team of financial advisers, alleging that they “abused the trust” of the player and his wife, “and embarked on schemes intended to...

SEC gets OK to nix mandatory arbitration

October 17, 2010

A little-known provision within the Dodd-Frank law gives the Securities and Exchange Commission the power to remove mandatory-arbitration language from client-broker agreements, which could expose broker-dealers to huge costs, according to observers....

Shock waves of 2008 reverberate in arbitration awards

October 17, 2010

Dozens of plaintiffs suing brokerage firms this month have seen a veritable gusher of multimillion-dollar awards, leaving some plaintiff's attorneys anticipating a continued stream of such arbitration rulings. The awards, all decided by Financial...

J.R. Ewing hits a gusher: $11.5M arbitration award

October 10, 2010

Larry Hagman, the actor best known for portraying the ruthless J.R. Ewing on the 1980s hit show “Dallas,” has won an $11.5 million arbitration claim against Citigroup Global Markets Inc. The claim stemmed from unspecified securities in accounts...

Securities America pins blame on MedCap in Reg D showdown

October 3, 2010

Securities America Inc. and the Massachusetts Securities Division locked horns last week over the regulator's charges that the firm misled 60 investors in the state who bought $7.2 million in Medical Capital notes from the firm's reps. The case...

Investors turn to advisers for records related to market-timing scandals

October 3, 2010

The mutual fund market-timing scandal of 2003, which may seem like ancient history to some, is coming back to haunt many financial advisers. Over the past few months, thousands of mutual fund investors have begun receiving notices from fund...

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