Results for "lawsuits"

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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...

Supreme Court to consider challenge to SEC disgorgement powers

November 1, 2019

The Supreme Court agreed to consider stripping the Securities and Exchange Commission of its power to recoup illegal profits from wrongdoers, taking up a challenge to one of the agency's most potent legal weapons. The appeal by Charles Liu and...

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...

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...

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...

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...

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...

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,...

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....

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...

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...

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...

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...

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...

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...

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,...

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