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Cetera, other broker-dealers refuse to sign Ohio National contracts

February 15, 2019

A handful of broker-dealers, including Cetera Financial Group and NEXT Financial Group, have rebuffed Ohio National Financial Services Inc. by refusing to sign new agreements with the insurer, the latest twist in an ongoing dispute over variable...

Former Merrill Lynch star broker Thomas Buck sentenced to 40 months in prison

February 14, 2019

Former Merrill Lynch star broker Thomas Buck was sentenced Wednesday by a federal judge to three years and four months in prison, according to an article in the Indianapolis Business Journal. Mr. Buck, 65, who pleaded guilty to one count of...

Charles Schwab gets most 401(k) claims dismissed

February 13, 2019

A federal judge dismissed most of the claims filed against Charles Schwab Corp. in a lawsuit alleging the firm profited from its 401(k) plan at the expense of employees, but did allow one allegation to move forward. The class-action lawsuit,...

Finra sues broker who failed to report sexual conduct charge

February 7, 2019

The Financial Industry Regulatory Authority Inc. sued a former registered representative Wednesday for failing in May 2016 to report to his broker-dealer a felony criminal sexual conduct charge by South Carolina. The broker, James Paquette,...

American Century wins 401(k) lawsuit over in-house funds

January 25, 2019

American Century Investments won a class-action lawsuit alleging the asset manager profited from its company 401(k) plan at the expense of employees by loading the retirement plan with in-house funds. Judge Greg Kays of the U.S. District Court...

Unpaid arbitration awards stain the securities industry

January 24, 2019

Deadbeat brokers and firms are a persistent problem with the arbitration system managed by the Financial Industry Regulatory Authority Inc. When investors believe they are wronged by a broker or firm and have lost money, they file a claim through...

LPL Financial sues broker it fired for taking $292,000 that belonged to his ex-wife

January 24, 2019

LPL Financial is suing a broker it fired last summer after a dispute surfaced between the broker and his ex-wife over the disposition of funds in their joint brokerage accounts. LPL on Tuesday sued the ex-broker, Christopher Lossing, in U.S....

Duke University settles 403(b) lawsuit for $10.7 million

January 18, 2019

Duke University settled a lawsuit alleging that it mismanaged its retirement plan for employees for nearly $11 million. It's the second higher-education institution, following the University of Chicago, to settle similar claims in the roughly...

Have 403(b) lawsuits hit a wall? Fifth university wins dismissal

January 9, 2019

Losses continue to mount for university employees suing their schools over allegedly excessive retirement-plan fees. Georgetown University became the fifth defendant to successfully beat back such claims in court. Roughly two dozen lawsuits...

Cleaning up tainted broker records becomes a cottage industry for one law firm

January 3, 2019

Critics may take Dochtor Kennedy to task for helping brokers clean up their disciplinary records, but no one can argue with his success. The 39-year-old president and founder of AdvisorLaw, which specializes in removing customer complaints from...

Transamerica employees sue over 401(k) investment options

January 3, 2019

In another case involving the retirement plan of a major financial services firm, current and former employees of Transamerica Corp. have sued the company and its 401(k) plan fiduciaries, alleging they breached their duties under ERISA by not...

Another LPL adviser sues Ohio National over variable annuity commissions

January 2, 2019

Another LPL Financial adviser has sued Ohio National Life Insurance Co. and its subsidiaries for ceasing the payment of trail commissions on certain variable annuity policies, joining a chorus of other parties to have filed similar legal claims...

Finra makes it harder for brokers to expunge tainted records

December 24, 2018

The Financial Industry Regulatory Authority Inc. has taken another step toward making it more difficult for brokers to have customer complaints expunged from their public records. The Finra Board of Governors announced Dec. 21 the approval of...

UBS sues Ohio National over lost variable annuity commissions

December 17, 2018

UBS has sued The Ohio National Life Insurance Co. and its subsidiaries for the insurer's new policy of ending adviser trail commissions on some variable annuity products. The wirehouse joins several other broker-dealers fighting the cessation...

Finra fines Merrill $300,000 for failing to supervise rogue broker

December 14, 2018

Finra has fined Merrill Lynch $300,000 for failing to supervise the actions of rogue broker Eva Weinberg, who was employed by the wirehouse for one year in 2010. The fine is part of the lingering ripple effect of a series of court battles that...

New York adviser pleads guilty to $11.5 million Ponzi scheme

December 14, 2018

The president of a New York-based registered investment adviser pled guilty Thursday in federal court to stealing $11.5 million from investors in a Ponzi scheme, and now faces up to 25 years in prison. Hector May, president of Executive Compensation...

Edward Jones settles 401(k) lawsuit for $3.2 million

December 13, 2018

Edward Jones will pay $3.2 million to settle a lawsuit alleging the firm enriched itself at the expense of employees through mismanagement of its company 401(k) plan. The lawsuit, which was filed in August 2016, claimed the brokerage firm stacked...

BB&T settles 401(k) lawsuit for $24 million

December 4, 2018

Branch Banking and Trust Co. will pay $24 million to settle a lawsuit alleging it profited from its 401(k) plan at the expense of its employees, one of the largest settlements to date reached by a financial firm involved in such litigation....

Cetera broker-dealers latest to file legal claim against Ohio National

November 21, 2018

This story has been updated to include additional information not available when originally published. The six broker-dealers in the Cetera Financial Group network have filed arbitration claims against Ohio National Life Insurance Co. and affiliates,...

Waddell & Reed settles 401(k) lawsuit for $4.9 million

November 21, 2018

Waddell & Reed Financial Inc. is settling a lawsuit that alleges it loaded its company 401(k) plan with costly in-house investments by agreeing to pay nearly $5 million. The class-action lawsuit claimed the asset manager breached its fiduciary...

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