Results for "lawsuits"

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Adviser named in private-placement suit says he did nothing wrong

December 3, 2009

A Securities America adviser named last week in a class action said he had no way of knowing that securities he sold would later blow up. The adviser, Bradley Hofhines, said in a statement to The Idaho Statesman newspaper that he was unaware...

Controversial 401(k) fee suit gets new life

November 30, 2009

Almost a year after a court dismissed a complaint against Wal-Mart over its 401(k) plan fees, an appeals court has brought the case back into play -- an indication that judges may be siding with individual investors over excessive mutual fund...

Nicolas Cage slapped with suit from former money manager

November 18, 2009

Nicolas Cage is being sued by his former business manager, who claims lavish spending, not his advice, is to blame for the actor's financial problems. Samuel J. Levin filed a countersuit in Beverly Hills on Nov. 12, less than a month after the...

Pacific Life takes a punch at LPL over potentially millions in lawsuits

November 18, 2009

LPL Investment Holdings Inc. and Pacific Life Insurance Co. are staring each other down over which firm will have to pony up the potentially millions of dollars in claims stemming from fraud suits against a rogue broker from one of the three...

Caterpillar settlement could make 401(k) advisers vulnerable to fee suits

November 15, 2009

Caterpillar Inc.'s announcement that it has reached a tentative settlement over the fees it charged its 401(k) plan participants may be bad news for plan sponsors, their advisers and mutual fund companies. Not only could the settlement open...

Caterpillar settlement could make 401(k) advisers vulnerable to lawsuits over fees

November 12, 2009

Caterpillar Inc.’s announcement last week that it has reached a tentative settlement over the fees it charged its 401(k) plan participants may be bad news for plan sponsors, their advisers and mutual fund companies. Not only could the settlement...

State Street settles lawsuit, bulks up legal reserve

November 6, 2009

State Street Corp. will pay $89.75 million to settle a class-action lawsuit with a group of employee benefit plans invested in certain active fixed-income strategies managed by its SSgA unit, confirmed Arlene Roberts, State Street spokeswoman....

Legislation that would shield advisers from lawsuits in the works

November 5, 2009

The Senate Finance Committee has drafted a bill that would reduce the chances of financial advisers getting hit with lawsuits because of disputes about certain retirement plans and other types of benefit programs sold to small businesses. For...

FSC Securities sued by former branch manager after alleged buyout attempt

November 5, 2009

A former branch manager who headed one of the largest groups of reps at FSC Securities Corp. is suing the broker-dealer after what he claims was a thwarted and contentious attempt to buy the business from parent AIG Advisor Group earlier last...

Investors’ pain has become attorneys’ gain

November 2, 2009

The financial advisory industry and their clients still may be struggling with the aftermath of the market crash — but investor plaintiff’s attorneys are doing just fine, thank you. “We’re seeing a lot of product-failure cases,” said...

Best-selling author hits her financial advisers with lawsuit over $40M in losses

October 23, 2009

Patricia Cornwell, the author of several best-selling crime novels, is going after her financial advisers in an attempt to recover $40 million she has lost, according to multiple published reports. Ms. Cornwell, who has penned titles such as...

Billionaire portfolio manager sued for allegedly funding a terrorist group

October 22, 2009

A billionaire hedge fund manager charged in a $25 million insider trading case now faces a lawsuit saying he helped finance Sri Lankan militants notorious for suicide bombings. The federal lawsuit was filed Thursday in Newark, N.J., against...

Advisers face "slew' of new lawsuits from small-business clients

October 18, 2009

Financial advisers who have sold certain types of retirement and other benefit plans to small businesses might soon face a wave of lawsuits unless Congress takes action. For years, advisers and insurance brokers had sold the 412(i) plan, a type...

SEC slaps Schwab with warning over bond funds

October 18, 2009

The Securities and Exchange Commission's warning to The Charles Schwab Corp. that it could face civil charges over two fixed-income mutual funds may have a direct effect on current and looming legal actions from investors over losses suffered...

Jury: Allianz used deceptive materials to market its two-tiered EIAs

October 18, 2009

A federal jury in Minnesota ruled last week that Allianz Life Insurance Company of North America used deceptive materials to market its two-tiered equity-indexed annuities, but declined to assess damages against the company, saying that the...

Two former Stanford reps slammed with suit for more than $11M

October 15, 2009

The receiver overseeing R. Allen Stanford's businesses announced Thursday that he is suing two former employees of the Texas financier's capital management firm for more than $11 million. In papers filed in federal court in Dallas, receiver...

Former NHL star Sergei Fedorov files new suit connected to $60M in losses from financial adviser

October 15, 2009

Ex-Detroit Red Wings star Sergei Fedorov is suing his former lawyers, claiming they share responsibility for the loss of millions of dollars invested with another client. Fedorov says the law firm Hyman Lippitt PC had a conflict by representing...

Schwab slapped with SEC warning; YieldPlus settlement may be on the horizon

October 15, 2009

The SEC's warning to the Charles Schwab Corp. that it could face civil charges over two fixed-income mutual funds may have a direct effect on current and looming legal actions from investors over losses suffered in the funds. Perhaps most significantly,...

Advisers staring at a new ‘slew' of litigation from small-business clients

October 14, 2009

Financial advisers who have sold certain types of retirement and other benefit plans to small businesses might soon be facing a wave of lawsuits — unless Congress decides to take action soon. For years, advisers and insurance brokers have...

Securities America advisers hawked private placements, suit claims

October 11, 2009

Financial advisers with Securities America Inc. continued to sell offerings of allegedly faulty private placements after an executive at the firm sounded the alarm bell about the deals last year, according to a recently filed lawsuit. The lawsuit...

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