Results for "lawsuits"

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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,...

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....

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...

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...

RIA takes dispute with Fidelity to the Supreme Court

September 16, 2019

A defunct registered investment adviser and two former clients locked in a legal battle with Fidelity Investments are appealing their case to the U.S. Supreme Court. The petition involves allegations by now defunct AER Advisors that Fidelity...

MIT settles class-action suit that snared Fidelity's Abigail Johnson

September 13, 2019

The Massachusetts Institute of Technology has reached a settlement agreement in a class-action lawsuit that alleged a quid pro quo arrangement with Fidelity Investments related to the university's 401(k) program. The agreement comes just days...

LPL fired Mark Lamkin. Now he's fighting back

September 10, 2019

LPL Financial fired Mark Lamkin last year. Now the Louisville, Ken.-based adviser is fighting for his professional life. After Mr. Lamkin faced allegations in August 2018 that he received loans from clients, failed to disclose outside business...

XY Planning Network sues SEC over Reg BI

September 10, 2019

XY Planning Network, the coalition of fee-only financial planners founded by Michael Kitces and Alan Moore, is suing the Securities and Exchange Commission for creating what they say is an unfair competitive advantage for broker-dealers with...

A new litigation saga begins for another 'best interest' rule

September 10, 2019

As the standard-of-care saga continues, nobody can predict exactly how each new regulator will define "best interest" or whether they will opt instead to use the term "fiduciary." What seems certain, though, is that any new rule will be challenged...

Monitoring 401(k) cross-selling may be next frontier for advisers

September 10, 2019

Trends and developments in the 401(k) market often migrate over to 403(b) plans. Examples include automatic enrollment, which is increasingly popular with plan sponsors, and litigation against plan fiduciaries, which is less popular). Sometimes...

Adviser must pay former employer $358,000 for violating employment contract

September 10, 2019

An adviser who left an LPL Finanical affiliate to set up his own firm with Commonwealth Financial must pay his old employer $358,000, according to an arbitration award. After 18 years of employment, Jeremy Bok left Planned Financial Services...

Nicholas Schorsch's former flagship REIT settles with investors for $1 billion

September 9, 2019

The company formerly known as American Realty Capital Properties Inc., a real estate investment trust founded by Nicholas Schorsch and rocked by an accounting scandal five years ago, announced a $1 billion settlement Monday. The company, now...

Edward Jones wants TRO against broker in Indiana who jumped ship last month

September 9, 2019

In a dispute over clients, Edward Jones on Friday filed a complaint against a broker who bolted the firm last month and is seeking a temporary restraining order from a federal judge. The adviser, John Kerr, who managed $113 million and left...

Abigail Johnson of Fidelity reaches deal to avoid testifying at 401(k) trial

September 6, 2019

Abigail Johnson, chairman and chief executive of Fidelity Investments, will not have to testify at an upcoming trial regarding the Massachusetts Institute of Technology 401(k) plan, marking a stark de-escalation of tensions that had flared in...

Merrill Lynch client sues over 'paltry' cash yields

August 30, 2019

A customer of Merrill Lynch and its parent, Bank of America, has sued the company over what she termed the "paltry" yields in her sweep and checking accounts held at the firm. [More: Merrill Lynch pays $40 million settlement over broker churning,...

Fidelity, Jerry Schlichter trade barbs over Abigail Johnson testimony in 401(k) lawsuit

August 28, 2019

Fidelity Investments and plaintiff's attorney Jerome Schlichter are engaged in a war of words over the potential for Fidelity chairman and CEO Abigail Johnson to appear and testify at an upcoming trial around 401(k) mismanagement.​ The lawsuit...

Wills of Jeffrey Epstein, Aretha Franklin raise questions of legitimacy

August 26, 2019

While they couldn't have been any more different as people, as news reports continue to trickle out about the estate of Jeffrey Epstein and that of Aretha Franklin, one thing is becoming clear: They both had unconventional wills. That lack of...

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