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Plaintiffs alleged that IBM failed in its fiduciary duty to participants by not protecting them from stock losses that resulted from an unprofitable chip manufacturing unit.
Goldman faces a vote at its annual meeting later this month on whether it should publish a report on how its mandatory-arbitration policy impacts employees and workplace culture.
Personal information used to cross-sell other services is not a plan asset, a court found. Two new 401(k) lawsuits were also filed against Icon Clinical Research and Wesco Distribution.
The complaint also alleges that Douglas E. Elstun misled clients about his trading in high risk, daily leveraged and inverse exchange-traded funds by failing to disclose the substantial risks of buying and holding these products.
He was suspended by the Certified Financial Planners Board of Standards in 2013, and was barred by the Financial Industry Regulatory Authority and the Pennsylvania Department of Banking in 2015.
Plaintiffs sued BlackRock Institutional Trust Co. in 2017, alleging that the firm engaged in self-dealing and breached its fiduciary duty by including numerous in-house products on the plan menu.
As part of the settlement, Edward Jones will create a new financial adviser council to address diversity issues and senior management will be kept informed of those initiatives.
Are Goldman Sachs' assertions that its 'clients' interests always come first' generic and aspirational or could they be the basis for a class-action suit?
The plaintiffs maintained that Fidelity was a fiduciary to the plan in respect to the selection of investment options, but courts did not buy that argument. Separately, New York Life and USI Insurance face new 401(k) lawsuits.
Royal Alliance Associates Inc., SagePoint Financial Inc., and FSC Securities Corp., increased legal reserves by as much as three times the amount of the prior year.
Plaintiffs in the separate cases allege the sponsors allowed the plans to have excessive investment-management and record-keeping fees.
Ascendant Alternative Strategies changed its official status with Finra to termination requested. Founders of GPB, David Gentile and Jeff Schneider were arrested and charged with fraud last month by the FBI.
At the heart of NFP case is the flexPath target-date series, which was added to Wood Group plan in 2016, when it was essentially brand new. Schlichter Bogard & Denton brought the case.
The manager of the Infinity Q liquid alt fund was fired after being accused of fudging asset values. The fund could not value its assets for purposes of calculating its net asset value.
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.
The broker transferred funds from the investment account of a couple whose portfolio he managed directly into bank accounts he controlled, according to the Department of Justice.
Keith Gill, a Massachusetts CFA and one of the influential voices pushing GameStop on social media, was hit by a lawsuit accusing him of misrepresenting himself as an amateur investor.
The regulator wants to install an industry veteran to run GPB to monitor its assets in auto dealerships and make sure investor interests are protected.
While the Labor Department has ended its support for the suit seeking to invalidate California's auto-IRA, the analysis in its amicus brief is still part of the record before the court.
Legal experts say the cases will have a monumental challenge overcoming motions to dismiss. The lawsuits allege online brokerages entered into an agreement and conspiracy to prevent the market from operating normally.
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