Results for "lawsuits"

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Commonwealth files Finra arbitration, lawsuit against Ohio National for 'unlawful' VA scheme

November 15, 2018

Commonwealth Financial Network has brought both a lawsuit and Finra arbitration against Ohio National Life Insurance Co. for the alleged "unlawful scheme" orchestrated by the insurer involving variable annuity compensation. Ohio National shocked...

UBS reaches last leg of two largest court battles

November 9, 2018

UBS Group AG's two biggest legal cases in years are entering the final stretch in a test of CEO Sergio Ermotti's strategy of taking on French and U.S. authorities. The Swiss bank was hit with a long-expected U.S. fraud lawsuit that accused it...

Ex-Morgan Stanley broker sues firm for wrongful termination, smear campaign

November 9, 2018

A former Morgan Stanley broker is suing his ex-employer for what he claims was a calculated plan to destroy his career and take control of his clients. In a lawsuit filed Thursday with the Financial Industry Regulatory Authority Inc., 61-year-old...

Ohio National sued by broker-dealer Veritas over annuity trail commissions

November 8, 2018

Ohio National Financial Services Inc. and its affiliates have been sued by an independent broker-dealer, Veritas Independent Partners, over the insurer's recent termination of trail commissions on some variable annuities. In September, Ohio...

LPL broker sues Ohio National for 'unlawful' move on variable annuity compensation

November 6, 2018

A broker with LPL Financial has filed a class-action lawsuit against Ohio National Life Insurance Co. and two affiliates for the allegedly unlawful termination of trail commissions on certain variable annuity policies. Ohio National stunned...

Jackson National to settle 401(k) self-dealing lawsuit for $4.5 million

November 5, 2018

Jackson National Life Insurance Co. has reached a $4.5 million settlement in a self-dealing lawsuit that alleged the company profited at the expense of its employees by adding high-cost proprietary investment funds to its 401(k) plan. The settlement...

David Bach and Ric Edelman lock horns in cease-and-desist tit-for-tat

October 31, 2018

With financial services industry consolidation hitting record levels, it's only logical that breakups will also become more common, and some breakups are messier than others. The latest example is the ongoing tit-for-tat between David Bach and...

Morgan Stanley case shows how firms smear departing brokers

October 23, 2018

Dale Cebert was managing over $400 million for Morgan Stanley Smith Barney when the bank fired him. That wasn't the only blow. The bank also claimed he had drawn multiple customer complaints and run a side business without approval — allegations...

Wells Fargo Advisors to fire back against former brokers suing it

October 19, 2018

Wells Fargo Advisors plans to fight back against two ex-brokers who sued the firm this month, claiming they lost business in the wake of the bank's scandals, by filing a counterclaim against them in industry arbitration. The advisers, John L....

Ex-Wells Fargo brokers sue for damages, claiming they lost business in wake of scandals

October 18, 2018

Two brokers who left Wells Fargo Advisors at the start of the month have sued the firm, along with Wells Fargo Bank, alleging that the steady stream of scandals over the past two years at the bank and brokerage substantially damaged their business....

Ex-Wells Fargo broker complaint wins class action status in fight over deferred compensation

October 16, 2018

A federal judge has granted class action status to a lawsuit brought by a financial adviser who claimed Wells Fargo Advisors cheated him out of $200,000 in deferred compensation. The adviser, Robert Berry, worked at Wells Fargo Advisors and...

Fidelity sued again for 401(k) plan mismanagement

October 11, 2018

Fidelity Investments Inc. has been sued by participants in its company 401(k) plan for alleged self-dealing that caused the firm to profit at the expense of its employees saving for retirement. The lawsuit filed against Fidelity — Moitoso...

Transamerica pays $195 million to settle lawsuit over universal life insurance

October 4, 2018

Transamerica Life Insurance Co. will pay $195 million to settle a class-action lawsuit alleging the company improperly increased the monthly charges on 70,000 universal life insurance policies. According to Harvey Rosenfield, an attorney with...

Discrimination claim filed by ex-Morgan Stanley rep sent to arbitration

October 4, 2018

In February, a black former Morgan Stanley registered rep sued the wirehouse, saying he was terminated following a "campaign of harassment," even after the settlement a decade ago of a class-action discrimination lawsuit. A federal judge on...

Another 403(b) plan sponsor beats back fee lawsuit

October 1, 2018

Washington University in St. Louis has won the dismissal of a lawsuit alleging it caused employees participating in the school's 403(b) plan to pay excessive fees for record keeping and investment management. Judge Ronnie L. White, who oversaw...

SEC charges $54 million Louisiana RIA and owners for cherry-picking scheme

September 20, 2018

The Securities and Exchange Commission on Thursday charged a Louisiana-based advisory firm and its two owners — a husband and wife — for defrauding clients via a cherry-picking scheme perpetuated over several years. World Tree Financial...

Universal life insurance lawsuits underscore product risk

September 19, 2018

Lawsuits filed against insurers in recent years for their practices around universal life insurance policies highlight the risks these products can pose to unwary financial advisers and clients. Transamerica Life Insurance Co., AXA Equitable...

How to keep your 401(k) clients out of court

September 10, 2018

While 401(k) lawsuits show no sign of letting up, the man at the forefront of class-action retirement plan litigation foresees a day when this will change. "Ultimately, it may be that 401(k) cases end because [retirement plan] sponsors change...

A market sell-off could mean more 401(k) lawsuits

September 10, 2018

The current bull market is nearly 10 years old. Unemployment is low in many industries, there are more 401(k) millionaires than ever before and wage growth is looking up. Anyone saving in a 401(k) is likely doing pretty well right now. However,...

Star broker, now at Morgan Stanley, alleges sexual discrimination at UBS

September 7, 2018

Christine Carona was a star broker at UBS Group AG. In the Boston office, she managed more than $300 million and was a member of the President's Council, an elite club for top producers. So it was headline news in the trade press when Morgan...

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