Results for "lawsuits"

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Bitter legal fracas brewing between top executives at Indiana broker-dealer

August 16, 2019

The former CEO of David A. Noyes & Co., an Indiana broker-dealer that was sold last year, was fired last month for alleged concerns over the firm's compliance and supervision. Mark W. Damer was CEO of David A. Noyes until the end of last year...

The fight over who owns the client comes to RIAs

August 13, 2019

The persistent war between who controls clients and their assets is typically fought between wirehouses and their advisers. And that fight can get ugly, with these major brokerage firms taking advisers to court when the advisers leave one firm...

FSC Securities facing arbitration claim over REIT and VA sales

August 12, 2019

FSC Securities Corp., a broker-dealer in the Advisor Group network, is facing a potential multi-million dollar arbitration claim by 13 investors alleging that three brokers at the firm made unsuitable recommendations by loading up their portfolios...

Cross-selling gaining prominence in retirement-plan lawsuits

August 12, 2019

Cross-selling by record keepers has become a hot-button issue in retirement-plan lawsuits, raising broader awareness and questions around how service providers can use participant data. Consider Johns Hopkins University, which agreed last week...

Walgreens hit with $300 million 401(k) lawsuit over target-date funds

August 12, 2019

Walgreen Co. has been hit with a lawsuit alleging its "imprudent" decision to keep certain target-date funds in its 401(k) plan caused employees to lose $300 million in cumulative retirement savings. The lawsuit, brought by 12 current and former...

Fidelity dogged again by 401(k) quid-pro-quo allegations

August 7, 2019

Fidelity Investments has again been accused of engaging in a quid-pro-quo type relationship with a 401(k) plan sponsor, which allegedly cost employee retirement savers millions of dollars in return for bigger profits. The latest episode involves...

GPB adds class action lawsuit to list of woes

August 6, 2019

GPB Capital Holdings, the private placement manager already mired in investigations and lawsuits, is now facing a potential class action lawsuit from disgruntled investors seeking financial information about its funds. Filed by two investors...

401(k) lawsuits creeping down to smaller plans

August 6, 2019

Lawsuits filed against employers for allowing excessive fees to be charged in their 401(k) plans have, until fairly recently, targeted only the largest entities, those with more than $1 billion in their retirement plans. However, lawsuits filed...

Former United Capital employee sues firm for racial discrimination

August 1, 2019

A former United Capital Financial Advisors employee is suing the firm over alleged racial discrimination. In a July 30 complaint filed in a Dallas federal court, Tracey Chung alleged her supervisor bullied and publicly humiliated her because...

Former Trump lawyer suing Envestnet Yodlee

August 1, 2019

Financial technology startup FinancialApps is suing Envestnet for an alleged multi-year scheme to steal proprietary technology and trade secrets. FinApps founder Bob Sullivan claims Envestnet (specifically, the Yodlee division) aimed to build...

A crisis of confidence surrounds GPB Capital

July 30, 2019

The silence emanating from GPB Capital is both maddening and infuriating to the broker-dealers and advisers that sold $1.8 billion in high-risk private placements created by GPB. The red alert is flashing; GPB recently reported the value of...

GPB Capital accused of financial misconduct by business partner

July 26, 2019

One of GPB Capital Holdings' business partners is suing the issuer of high-risk private placements, claiming the firm engaged in "serious financial misconduct" and tried to push him out after he complained to the Securities and Exchange Commission,...

Finra arbitrators order Morgan Stanley to pay $3.3 million for concealing evidence

July 18, 2019

Finra arbitrators ordered Morgan Stanley to pay $3.3 million to investors in a Puerto Rico bond case, most of it because the firm allegedly concealed evidence in a hearing. The three-person all-public Financial Industry Regulatory Authority...

3 lessons for advisers from 401(k) and 403(b) class-action settlements

July 17, 2019

Retirement plan committees and financial advisers need to pay attention to class-action litigation and settlements to better manage their fiduciary risks. Some of the claims in those lawsuits are obvious; others foreshadow emerging issues that...

National Holdings facing lawsuit for allegedly retaliating against whistleblower

July 16, 2019

A fired chief compliance officer is suing National Holdings Corp., claiming her 16-year career with the brokerage firm was terminated when she started investigating alleged insider trading by executives of the firm. A lawsuit filed last week...

Fidelity says it's entitled to alleged 'secret payments' in 401(k) plans

July 9, 2019

Fidelity Investments said it is legally entitled to payments it receives in connection with 401(k) investments and that the collection of such fees has become necessary for record keepers given the prevailing economics of the industry. Fidelity,...

Finra arbitrators award $1.8 million to former USAA brokers for wrongful termination

July 8, 2019

Finra arbitrators awarded $1.8 million to brokers who claimed they were wrongfully fired by USAA Financial Advisors. Christopher R. Johnson and Lee Anne Przybyla were dismissed by USAA in April 2017 for allegedly seeking compensation to which...

Judge rejects Ohio National motion to throw out case involving variable annuity commissions

July 1, 2019

A broker of LPL Financial Inc. has won an important round of legal sparring with Ohio National Life Insurance Co., with a judge ruling that the broker's class-action lawsuit over variable annuity trail commissions should move forward. U.S. magistrate...

Broker-dealer pays $9.5 million to settle alternative investment claims by Native American tribe

June 26, 2019

Purshe Kaplan Sterling Investments will have to pay $9.5 million related to the sale of alternative investments to a Native American tribe in Michigan, according to a recent filing with the Securities and Exchange Commission. The independent...

Gucci settles 401(k) lawsuit for $1.2 million

June 25, 2019

Luxury fashion designer Gucci America Inc. has agreed to settle for $1.2 million a lawsuit alleging it mismanaged its 401(k) plan to the detriment of employees' retirement savings. Heather Janda Hay, a former plan participant, alleged Gucci,...

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