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AllianceBernstein 401(k) lawsuit booted
A court dismissed the case, pointing to the facts that the company waived fees for its participants and didn't really benefit from the assets.
Schlichter’s message to pension sponsors: Be very careful with PRTs
Many pension risk transfers in recent years have gone to Athene, and two recent suits over plans' choice of the insurer suggest more cases will follow.
With great growth comes great conflicts for RIAs
Where Wall Street goes, trouble is sure to follow.
The price of New York Life’s 401(k) lawsuit: $19M
The settlement is the latest among ERISA cases aimed at financial services companies.
Milliman headed to trial over its 401(k)
The case revolves around three collective investment trusts in the plan that were subadvised by the firm.
401(k) settlements went way up in 2023
There were far fewer cases filed, but employers and their insurers agreed to big payouts for previously filed litigation.
Wrong birthday info led to $130K in RMD penalties, plaintiffs say
A Wells Fargo client who was born in 1939 had his birthdate incorrectly recorded as 2001, according to a lawsuit.
Latest in 401(k) litigation: Cap Group sued, MetLife to pay $4.5M settlement
Settlements and new cases continue as law firms claim asset managers did wrong by using their own products.
Silver-coin IRA seller settles with CFTC over alleged $68M fraud
Safeguard Metals allegedly steered retirees who cashed out of IRAs toward high-markup silver coins
MetLife latest in string of 401(k) lawsuit settlements
The increase in the number of cases being settled this year follows a spike in litigation that started several years ago.
GE’s 401(k) lawsuit settlement has $61M price tag
Plaintiffs alleged the company ran afoul of the Employee Retirement Income Security Act by putting its own funds on the plan menu.
Lawsuit over ESG in 401(k) not cleared for takeoff, American Airlines says
ESG-themed funds named in the case are only available through a brokerage window, the defendant noted.
DOL has its say in court on ESG challenge
The plaintiffs and defendant recently filed cross motions for summary judgment of the challenge over the Labor Department's recently implemented ESG rule for retirement plans.
The demise of Worden Capital signals danger for investors and harm to the industry
Unpaid arbitration awards have been a consistent stain on the retail securities industry. Brokers have been walking away from paying investors for years.
GPB lawsuits pile up against former broker
The lack of a spotlight on individual brokers who sold GPB may be passing, as at least one former adviser, Jeffrey Dixson, has a BrokerCheck profile that is studded with investor complaints involving sales of GPB private placements.
Sigma Financial faces $4.5 million in investor claims
The Ann Arbor, Mich.-based independent broker-dealer, which has close to 600 reps and advisers, reported $124.3 million in total revenue in 2019.
UBS loses $371,000 claim linked to options strategy
UBS has been hit with a rash of arbitration claims over strategies investors say damaged them, and most recently it saw a wave of investor complaints over Puerto Rico bonds and bond funds.
Purshe Kaplan racks up $1.6 million settlement
Since 2017, the firm has been on the hook for $16 million in legal settlements and restitution to clients, with the lion's share stemming from one broker's sale of alternative investments to a Native American tribe in Michigan.
Ex-Principal broker faces stunning $39 million in investor complaints
Selling away charges are at the center of three large customer complaints against ex-broker John Krohn. In 2018, Finra reached a settlement with Krohn in which he was suspended from the industry for three months and paid a fine of $10,000.
401(k) lawsuit update: 2 dismissals, 2 settlements
Abbott Labs and Genentech won dismissals in cases against them, although plaintiffs can refile their complaints. Cerner Corp. and BlackRock have reached settlements in class-action cases against them.
