Lawsuits

Displaying 1186 results

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CalSavers lawsuit floated to Supreme Court

The case has big implications for similar state programs that require small businesses with as few as five employees to provide retirement plans, unless they register for the state-sponsored option.

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Edward Jones loses $30 million cyberbullying claim over fake sex ads

The former broker, Dalas Gundersen, sued Edward Jones in 2015, seeking damages, after three fake gay-sex ads were posted on Craigslist earlier that year listing his business phone number.

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TIAA faces class action over rollovers

TIAA settled claims in July from the SEC and New York State. Deloitte was recently sued over its plan, and Aon prevailed in a lawsuit.

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UBS sued over muni-bond snafu that cost clients

UBS Financial Services misreported interest paid on taxable munis, resulting in higher tax bills for clients, according to a lawsuit.

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AT&T fends off 401(k) fee suit

The company recently received summary judgment in the case filed against it. Another company, Wesco Distribution, won a motion to dismiss in a separate case, and tech firm PTC appears to have reached a settlement in another.

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Murder victim’s son can get money from 401(k) linked to killers

The son of a man murdered by a Colombian guerrilla group had sued for access to a 401(k) account connected to the perpetrators.

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Trader who blew up IFS Securities charged with fraud

The trader, Keith Wakefield, was charged with one count of securities fraud, which carries a maximum sentence of one year in prison.

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Lawsuit over AutoZone’s 401(k) targets new defendant: Northern Trust

In other cases, claims have been dismissed against several plan sponsors, including Prudential and Eversource Energy.

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Florida broker to pay ex-wife $2.6 million in Finra arbitration claim

The broker, Barry Snyder, was 'hooked' on a hamburger chain stock, says the ex-wife's attorney,

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Dave Ramsey loses deposition fight in timeshare case

A state judge in Tennessee, where Ramsey Solutions is based, granted a motion to compel Ramsey's deposition in the Timeshare Exit Team case.

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SEC charges adviser with steering clients to expensive funds

The Securities and Exchange Commission charged that from at least 2014 until 2019, Buttonwood took steps to avoid paying transaction costs by focusing client investments in more expensive mutual funds.

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NVIDIA 401(k) lawsuit swatted down, for now

The court granted a motion to dismiss the claims against the company, although the plaintiffs have 30 days to amend their complaint to address its shortcomings.

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Galvin fines MassMutual $4 million in ‘Roaring Kitty’ case

Keith Gill’s employment at MML Investors Services overlapped with his involvement in the GameStop and meme stock frenzy that occurred in late 2020 and early 2021, according to the regulator.

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Lawsuit over 401(k) fees, active target-date series fails

Comparing actively managed funds on the plan menu to index funds that were available was not an ideal comparison, according to the court.

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Britney Spears’ father files petition to end conservatorship

The pop star’s attorney calls the court filing a ‘vindication’ of her efforts to regain independence.

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Former lawyer to pay $42 million for life insurance fraud

Defendants in the long-running case have been ordered to pay restitution to more than 200 plans. Assets were allegedly siphoned from benefits payments to buy property and used for other personal expenses.

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Court rules inherited 401(k) funds are protected in bankruptcy

A North Carolina Bankruptcy Court decided that inherited 401(k) accounts do indeed receive creditor protection under ERISA as long as the funds are still in the plan at the time of the bankruptcy filing.

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Lincoln Financial settles age discrimination claim with former recruiter

When Louis Hanna was fired in 2017, he was 50 years old, had early-stage prostate cancer and was seeking medical leave, according to the complaint.

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Suit over removal of gold-heavy fund from Columbia 403(b) fizzles

The plaintiff allegedly lost $24,000 when the fund was removed from the plan and his assets were transferred to a target-date fund.

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Appeals court reverses dismissal in NYU lawsuit

The development in the 403(b) plan case is considered a victory for the law firm Schlichter Bogard & Denton, which several years ago led a legal crusade against universities and other plan sponsors.