Results for "lawsuits"

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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...

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...

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...

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...

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...

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...

Judge Rakoff to rule on NASD suits before yearend

October 9, 2009

The final fate of two lawsuits arising from the 2007 merger of NASD and the New York Stock Exchange's regulatory unit could be decided in the coming months. In a hearing earlier this week, Judge Jed Rakoff of the U.S. District Court for the...

Score one for the NCAA: Rule upheld that bans college athletes from using advisers when going pro

October 9, 2009

A former Oklahoma State pitcher received a $750,000 settlement from the NCAA to end a lawsuit challenging a rule that bans college baseball players from using legal advisers in contract negotiations with professional teams. The NCAA also won...

Vanguard sued for discrimination over hiring of financial planning manager

October 9, 2009

The Vanguard Group Inc. is alleged to have violated federal law when it refused to hire an black applicant because of her race, according to a lawsuit filed by the Equal Employment Opportunity Commission. Barbara Alexander was the only black...

Regions Financial, Merrill Lynch hit with class action

October 9, 2009

A Florida investor filed a federal class action against Regions Financial Corp., alleging that when the bank tried to obtain shareholder approval for a 2006 acquisition, it misrepresented its financial condition to the investors. John M. McClellan,...

Wells Fargo and Bank of New York Mellon sued over role in Medical Capital 'scam'

September 15, 2009

The two trustees of Medical Capital Holdings Inc.'s private placements, Wells Fargo & Co. and The Bank of New York Mellon Corp., have been sued by investors seeking class action status. This suit is the latest unwelcome news for Medical Capital...

Ex-AIG adviser who practiced voodoo on victims gets 12 years for fraud

September 13, 2009

A Tennessee representative formerly affiliated with AIG Financial Advisors Inc. spent time making voodoo dolls of his victims to ward off their damaging testimony, prosecutors said. Barry R. Stokes last year pleaded guilty to multiple counts...

Michigan football coach faces $3.9M suit in loan

September 6, 2009

An Alabama bank is suing University of Michigan football coach Rich Rodriguez for defaulting on a real estate loan — but his adviser claims that the coach was the victim of a Ponzi scheme. Nexity Bank filed suit Aug. 13 in the U.S. District...

Merrill Lynch stock-drop suit settled for $75 million

August 27, 2009

A federal judge gave final approval to a $75 million settlement between Merrill Lynch and employees who sued the New York-based brokerage house in 2007 to recover losses they sustained from holding Merrill company stock in their retirement plans....

Nuveen, Merrill and Citi slapped with suit over auction rate losses

August 26, 2009

A 77-year-old retired securities attorney and his wife are taking Nuveen Investments Inc., Merrill Lynch & Co. Inc., Citigroup and others to court over $2 million in losses they claim to have suffered from investing in auction rate securities....

Securities America and CapWest sued over allegedly misleading private placements

August 26, 2009

Investors filed a class action yesterday against Securities America Inc. — a subsidiary of Ameriprise Financial Inc — and CapWest Securities Inc., alleging that the two firms falsely represented private placement investments and used incoming...

QA3 Financial hit with $500K claim over Medical Capital notes; Securities America, others face suits

August 25, 2009

The first lawsuit over the sale of allegedly fraudulent notes issued by Medical Capital Holdings Inc. was filed last week, and more look likely to come. In what he believes is the first arbitration case involving the sale of Medical Capital...

No suit for you: Judge throws out $1B case against AIG

August 24, 2009

A federal judge in Chicago last week threw out a $1 billion lawsuit that accused AIG of committing fraud against insurance carriers in a workers’ compensation pool. In 2007, the National Council on Compensation Insurance Inc. sued New York-based...

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