Results for "lawsuits"

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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 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...

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....

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...

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...

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...

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...

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...

JPMorgan Chase reaches settlement in race case

September 4, 2018

As racial diversity tumbles on Wall Street, JPMorgan Chase & Co. has reached a settlement with financial advisers who say they were treated poorly because they're black. Six current and former employees at the largest U.S. bank filed what they...

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...

Fidelity seeks injunction against rep who oversaw $2.7 billion

July 31, 2018

Fidelity Brokerage Services has asked a U.S. District Court in Connecticut for an injunction against a former broker, Laurence Rollins, for allegedly taking confidential information, including client names and addresses, with him when he left...

Camardas: None of the 70,000 CFPs are entitled to their day in court

July 28, 2015

We think it paramount at this juncture to point out that this decision was not at all about the merits of our case or the fairness of the CFP Board's rules. The court decided the entire case by accepting the CFP Board's case law on voluntary...

CFP Board: Judge's ruling validates our rights to protect the public

July 28, 2015

The recent court ruling to dismiss the lawsuit filed against Certified Financial Planner Board of Standards Inc. by Jeffrey and Kimberly Camarda marks a significant victory for the CFP certification, CFP professionals and, most importantly,...

Former Wells Fargo broker could face 15 years in prison for embezzlement

August 16, 2018

A former Wells Fargo adviser, who was barred from the industry in 2015, is facing felony embezzlement charges for allegedly stealing more than $500,000 from a trust fund he was overseeing. David Homan of Saginaw, Mich., could face up to 15 years...

Former manager for New York pension fund sentenced to 21 months for taking bribes for brokers

July 13, 2018

A former portfolio manager for New York's main pension fund must serve 21 months in prison for accepting gifts including concert tickets, drugs and luxury watches from brokers in exchange for steering billions of dollars in business to their...

Ohio brokerage tries to buck Finra settlement

August 6, 2018

After agreeing last month to pay a $275,000 arbitration settlement related to the actions of a rogue broker, Westminster Financial Securities is employing a unique legal strategy to renege on the award, according to the lawyer representing the...

Trump gives federal agencies power to hire in-house judges

July 11, 2018

President Donald J. Trump, seeking to head off some of the turmoil from a recent Supreme Court decision, issued an order Tuesday empowering the heads of federal agencies to directly appoint judges who decide cases ranging from Wall Street sanctions...

Whistleblower claims she was fired for raising red flags about broker-dealer's alternative investments

August 1, 2018

A former compliance executive for a broker-dealer has filed a whistleblower lawsuit against the firm, Purshe Kaplan Sterling Investments Inc., alleging she was fired days after she called securities regulators over concerns about the firm's...

Fidelity lawsuit highlights firms' vulnerability

July 7, 2018

A millionaire widow's​ lawsuit against Fidelity Investments is a good example of how a firm can be sued even as it's trying to protect an elderly client from financial exploitation. In her lawsuit, Claudine Webb claimed that by freezing the...

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