Results for "lawsuits"

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Deutsche Bank settles 401(k) self-dealing lawsuit for $21.9 million

August 15, 2018

Deutsche Bank has reached a $21.9 million settlement in a lawsuit alleging the investment bank enriched itself at the expense of its employees by loading its company 401(k) plan with proprietary funds. Deutsche's settlement, which still needs...

Finra panel awards clients $5 million for churning, but from defunct brokerage

August 14, 2018

The Financial Industry Regulatory Authority Inc. has slapped a defunct New York brokerage firm with a $5 million fine related to excessive account trading — churning — in what was supposed to be a conservative investment strategy. The challenge...

Ed Butowsky plans to serve Schwab with $100 million lawsuit Monday

August 10, 2018

Now that financial adviser Ed Butowsky has put two major defamation lawsuits behind him, he is refocusing his efforts on suing Charles Schwab Corp. for kicking his advisory practice off its custodian platform in January. Mr. Butowsky, managing...

Exonerated in defamation suits, Ed Butowsky is out for blood

August 6, 2018

The dismissal last week of two lawsuits against Plano, Texas-based financial adviser Ed Butowsky has not yet taken the form of a warm and fuzzy feeling. "Anybody who did anything negative to me as a result of the lawsuit will pay," Mr. Butowsky...

Appeals court upholds dismissal of Wells Fargo 401(k) lawsuit

August 6, 2018

A federal appeals court in St. Louis upheld a U.S. District Court judge's dismissal of an ERISA breach claim against Wells Fargo & Co. by a participant in the company's 401(k) plan, who alleged fiduciaries could have offered a better-performing...

Ohio brokerage tries to buck Finra settlement

August 6, 2018

After agreeing last month to pay a $275,000 arbitration settlement related to the actions of a rogue broker, Westminster Financial Securities is employing a unique legal strategy to renege on the award, according to the lawyer representing the...

Wells Fargo to pay $2 billion settlement to end loan probe

August 1, 2018

Ten years after faulty mortgages upended the global financial system, Wells Fargo & Co. agreed to pay $2.09 billion to settle a U.S. probe into its creation and sale of loans that contributed to the disaster. The long-anticipated penalty, announced...

Whistleblower claims she was fired for raising red flags about broker-dealer's alternative investments

August 1, 2018

A former compliance executive for a broker-dealer has filed a whistleblower lawsuit against the firm, Purshe Kaplan Sterling Investments Inc., alleging she was fired days after she called securities regulators over concerns about the firm's...

NYU beats back Jerry Schlichter and 403(b) lawsuit

July 31, 2018

A federal judge on Tuesday ruled in favor of New York University in a lawsuit alleging the university charged excessive fees in its retirement plan. According to NYU employees represented by the law firm Schlichter Bogard & Denton, NYU's retirement...

Fidelity seeks injunction against rep who oversaw $2.7 billion

July 31, 2018

Fidelity Brokerage Services has asked a U.S. District Court in Connecticut for an injunction against a former broker, Laurence Rollins, for allegedly taking confidential information, including client names and addresses, with him when he left...

Appeals court says university cannot force ERISA lawsuits into arbitration

July 25, 2018

A federal appeals court ruled Tuesday that the University of Southern California cannot compel participants in two retirement plans to accept arbitration rather than proceed with a trial to address ERISA complaints against university fiduciaries....

Judge dismisses amended complaint in Wells Fargo stock-drop case

July 24, 2018

A U.S. District Court judge in Minneapolis dismissed for the second time a lawsuit by participants in the 401(k) plan of Wells Fargo & Co., saying plaintiffs failed to prove their complaints of fiduciary breaches regarding the management of...

Judge dismisses suit against AT&T plan

July 24, 2018

A U.S. District Court judge in Los Angeles dismissed claims by participants in the AT&T Retirement Services Plan, Dallas, that plan fiduciaries failed, among other things, to use the plan's large size to "obtain reasonable" record-keeping fees...

Former manager for New York pension fund sentenced to 21 months for taking bribes for brokers

July 13, 2018

A former portfolio manager for New York's main pension fund must serve 21 months in prison for accepting gifts including concert tickets, drugs and luxury watches from brokers in exchange for steering billions of dollars in business to their...

Trump gives federal agencies power to hire in-house judges

July 11, 2018

President Donald J. Trump, seeking to head off some of the turmoil from a recent Supreme Court decision, issued an order Tuesday empowering the heads of federal agencies to directly appoint judges who decide cases ranging from Wall Street sanctions...

Georgia decision on broker protocol could have wide impact

July 9, 2018

Financial advisers relying on the protocol for broker recruiting to protect their ability to jump to a new employer will face more obstacles now that a Georgia state court has ruled that advisers with contracts requiring them to give notice...

Judge dismisses stock-drop suit against Allergan

July 9, 2018

A federal judge has dismissed a complaint by participants in an Allergan defined-contribution plan, rejecting allegations that company and plan executives violated their fiduciary duties by offering company stock in the plan menu. The plaintiffs...

Fidelity lawsuit highlights firms' vulnerability

July 7, 2018

A millionaire widow's​ lawsuit against Fidelity Investments is a good example of how a firm can be sued even as it's trying to protect an elderly client from financial exploitation. In her lawsuit, Claudine Webb claimed that by freezing the...

Credit Suisse to pay $77M to settle bribery probes

July 5, 2018

Credit Suisse Group AG agreed to pay $77 million to settle U.S. bribery probes claiming the lender's Hong Kong unit attempted to win banking business by offering jobs to friends and family of Chinese officials. In a seven-year period, the bank...

Former Finra analyst sues agency for age discrimination

June 26, 2018

A 54-year-old former analyst for the Financial Industry Regulatory Authority Inc. sued the agency over his termination, claiming that he was part of a layoff that unfairly targeted older workers. Brian McIntyre, who worked in the self-regulator's...

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