Results for "lawsuits"

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Supreme Court hears ERISA case against Intel

December 5, 2019

The U.S. Supreme Court heard oral arguments Wednesday in a case that could have significant repercussions for retirement plan sponsors by expanding the time that plan participants have to bring lawsuits. Former Intel Corp. engineer Christopher...

GPB announces another delay in release of audited financials

November 27, 2019

Investors in private funds sold by troubled investment firm GPB Capital Holdings, who have been waiting for audited financial results for more than a year, have been told yet again that the company will not meet its latest deadline of Dec. 31....

Five brokers lose Ohio National lawsuit over annuity commissions

November 22, 2019

A group of five brokers lost a lawsuit against Ohio National Life Insurance Co. over the insurer's termination of commission payments for certain variable annuity policies. Judge Emily C. Marks of U.S. District Court in Alabama dismissed all...

Are 401(k) plans in danger of not being green enough?

November 15, 2019

As the broad world of investors has embraced a more climate-friendly lens, 401(k) plans have lagged behind. But are 401(k) plan sponsors exposing themselves to legal trouble as a result? A 24-year-old Australian environmental scientist sued...

Ohio National to pay $213,000 to insurance agent for breaching contract

November 12, 2019

A jury awarded $213,000 in damages to an insurance agent formerly employed by Ohio National Life Insurance Co. after finding that the insurer breached the recruiting agreements it had in place with the agent. The insurance agent, Elisia Lattimer,...

Court upholds $3 million arbitration award against Spire Securities

November 6, 2019

A New York federal court has upheld a $3 million arbitration award holding Spire Securities responsible for failing to supervise one of its brokers who operated a Ponzi scheme. The broker, Patrick Evans Churchville, sold investments through...

Goldman Sachs sued for 'unlawful' 401(k) management

October 29, 2019

Goldman Sachs has been sued for the alleged "unlawful" management of its company 401(k) plan related to the plan's use of in-house actively managed mutual funds, which the lawsuit says provided the firm with a financial benefit at the expense...

Ex-UBS star broker called a 'bitch' by her boss wins $1.6 million discrimination claim

October 28, 2019

A former star broker for UBS Financial Services Inc. who was repeatedly called a "bitch" by her boss won a $1.6 million arbitration award last month. Chrisine Carona worked for UBS in Boston from March 2009 through July 2017 and currently is...

Security Benefit indexed annuity fraud lawsuit may signal trouble for other insurers

October 25, 2019

A lawsuit that alleges Security Benefit Life Insurance Co. engaged in a fraudulent scheme related to its indexed annuities hints at trouble for other indexed annuity shops at a time when the products are growing more popular. The lawsuit, Howard...

Morgan Stanley wins 401(k) lawsuit over use of in-house and BlackRock funds

October 10, 2019

Morgan Stanley has won a lawsuit alleging that it included high-cost, underperforming in-house and BlackRock investment funds in its company 401(k) plan, costing its employees millions of dollars in lost retirement savings. Plaintiffs originally...

ARCP class action investors get 50 cents on the dollar: Attorneys

October 7, 2019

The $1 billion settlement last month between investors and the real estate investment trust formerly known as American Realty Capital Properties Inc. included an unusually large recovery for the claimants of close to fifty cents on the dollar,...

LPL, Triad brokers lose Ohio National lawsuit over variable annuity commissions

October 4, 2019

Brokers affiliated with LPL Financial and Triad Advisors have lost separate lawsuits against Ohio National Life Insurance Co. that sought to overturn the insurer's decision to stop paying variable annuity commissions. Concurrently, however,...

Commonwealth Financial fires back at SEC charges of conflicts of interest

October 3, 2019

Commonwealth Financial Network earlier this week shot back at charges from the SEC that it failed to disclose material conflicts of interest related to revenue-sharing. Commonwealth Financial's clients were not deceived by any fee payments or...

401(k) lawsuits get more complex

October 2, 2019

Lawsuits targeting 401(k) plan sponsors increasingly involve issues that are complex and granular. It's a trend that's likely to continue as such litigation proliferates and one that some advisers and attorneys fear may leave employers paralyzed...

SALT tax-cap challenge by New York and New Jersey is tossed

September 30, 2019

Four states in the eastern U.S. lost a legal challenge to a provision of the 2017 tax law that limited write-offs for state and local taxes, as a federal judge threw out a lawsuit seeking to block the cap. The Republicans' 2017 tax law capped...

Finra bars former Wells Fargo broker for insider trading

September 26, 2019

The Financial Industry Regulatory Authority Inc. has barred Joseph Pratt, who most recently was a broker at Stifel Nicolaus in Conshohocken, Pa., for trading insider information dealing with biopharmaceutical clinical trials in 2013 and 2014....

Efforts to block Reg BI likely to lead to delay, confusion

September 21, 2019

If the recent lawsuit filed by seven states and the District of Columbia attempting to put the kibosh on the Securities and Exchange Commission's controversial broker-conduct rule feels familiar, it's because we've been down this road before....

Court decision key for estate planners

September 20, 2019

Rarely does a case involving the taxation of trusts, or their beneficiaries, make its way to the U.S. Supreme Court. So, when the court chose to hear what is now known as the Kaestner case, the estate planning community paid rapt attention to...

Reg BI suits promise long legal fight over whether SEC did enough to protect investors

September 18, 2019

Two lawsuits filed last week against the Securities and Exchange Commission's investment advice reform package point to an extended legal battle that is unlikely to be resolved before the new regulations must be implemented next year. Although...

Trump administration wants to kill California's auto-IRA program

September 18, 2019

The Trump administration is trying to upend California's auto-IRA program, CalSavers, with the intent of halting an initiative among other states that would force employers to offer employees workplace retirement savings plans. The U.S. Department...

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