Results for "lawsuits"

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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,...

Edward Jones loses round in court against former broker who defected to Ameriprise

June 14, 2019

Edward D. Jones & Co. on Thursday suffered a setback in its fight to recoup client assets from a former broker who bolted to rival Amerprise Financial Services earlier this year. A state judge denied Jones' request for a temporary restraining...

JPMorgan Chase to pay $5 million in parental-leave discrimination claim

May 30, 2019

JPMorgan Chase & Co. has agreed to pay $5 million to resolve a discrimination claim filed by a male employee who alleged the bank's parental leave policy was biased against dads. The payout resolves a 2017 complaint brought by the American Civil...

MFS settles 401(k) lawsuit for $6.9 million

June 17, 2019

Investment manager Massachusetts Financial Services Co. has reached a settlement of nearly $7 million in a lawsuit alleging the company enriched itself at the expense of employees' retirement savings by loading its 401(k) plans with costly,...

Supreme Court accepts 401(k) case about alternative investments in target-date funds

June 11, 2019

The Supreme Court has agreed to hear a case alleging employer Intel Corp. lost its employees substantial retirement savings by investing a large portion of 401(k) plan assets in risky and high-cost hedge-fund and private-equity investments....

June 11, 2019

BY Greg Iacurci The Supreme Court has agreed to hear a case alleging employer Intel Corp. lost its employees substantial retirement savings by investing a large portion of 401(k) plan assets in risky and high-cost hedge-fund and private-equity...

Auditor: Future of broker-dealer with history of problems is in doubt

May 23, 2019

Newbridge Securities Corp., a small to midsize broker-dealer with a history of compliance problems, recently released a grim assessment of its financial health. In its annual audited financial statement, which was filed in March but did not...

Supreme Court to hear 401(k) stock-drop case

June 3, 2019

The Supreme Court accepted a 401(k) lawsuit Monday that could reframe how employers think about company stock in their retirement plans. Plaintiffs in the case, Retirement Plans Committee of IBM v. Larry W. Jander, allege that plan fiduciaries...

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,...

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...

Securities America hit with lawsuit seeking $18 million in damages

March 21, 2019

Securities America Inc. is dealing with the fallout from a rogue broker it fired last year, who was later charged with running a Ponzi. The firm now faces a lawsuit alleging that a family suffered $18 million in losses after working with the...

Supreme Court backs SEC, rules against investment banker

March 27, 2019

The U.S. Supreme Court reinforced the Securities and Exchange Commission's powers, upholding sanctions against an investment banker found to have duped investors about a startup company's financial condition. The justices, voting 6-2, said Francis...

Morgan Stanley advisers win huge $6.4 million deferred comp claim against Credit Suisse

May 8, 2019

Two star brokers at Morgan Stanley won a stunning $6.4 million arbitration award against their old firm, Credit Suisse Securities, claiming they did not receive deferred compensation they were entitled to after the firm closed down its U.S....

SEC settles fraud case with jailed former Morgan Stanley adviser

February 22, 2019

The Securities and Exchange Commission has entered a final judgment against James S. Polese, a Boston-based former adviser with Morgan Stanley, who was charged with misappropriating client funds. The agency also barred him from the securities...

UBS at risk after $5 billion surprise penalty

February 20, 2019

UBS Group AG's decision to fight a tax case in France, rather than settle it, led to a nasty surprise. Switzerland's biggest bank was ordered to pay more than $5 billion Wednesday over a tax-evasion case in France — matching what was sought...

Massachusetts charges adviser with concealing information in marijuana deals

April 17, 2019

Massachusetts securities regulators have charged a state-licensed investment adviser representative with various forms of misconduct in an investment scheme involving medical marijuana ventures. (More:​ Advisers struggle with the highs and...

UBS eschews $6 billion settlement in French tax investigation

February 19, 2019

It's UBS Group AG's $6 billion gamble, but the risk extends far. The Swiss lender eschewed a settlement in a French tax investigation after failing to agree on an amount, exposing it to in-court demands from the state and prosecutors. Paris...

CITs are changing the retail 401(k) world

May 22, 2019

"It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness … we had everything before us, we had nothing before us, we were all going direct to Heaven, we were all going direct the other way."...

Advisers charged with 'gambling away' millions from clients

March 20, 2019

Massachusetts securities regulators have charged two investment adviser representatives and their firm, Oakdale Wealth Management, with "gambling away" millions of dollars on unsuitable energy investments from more than 250 client accounts....

Former Merrill Lynch star broker Thomas Buck sentenced to 40 months in prison

February 14, 2019

Former Merrill Lynch star broker Thomas Buck was sentenced Wednesday by a federal judge to three years and four months in prison, according to an article in the Indianapolis Business Journal. Mr. Buck, 65, who pleaded guilty to one count of...

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