Results for "lawsuits"

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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...

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...

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...

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...

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...

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,...

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...

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...

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...

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...

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...

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...

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...

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,...

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...

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...

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...

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...

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