Lawsuits

Displaying 1132 results

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Columbia, IBM settle 401(k) lawsuits

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.

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Goldman secrecy on harassment claims faces challenge

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.

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Fidelity dismissed from lawsuit over 401(k) participant data

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.

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SEC charges Kansas RIA with defrauding clients

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.

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Former rep sentenced to more than 17 years for defrauding clients

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.

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BlackRock settles 401(k) lawsuit for nearly $10 million

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.

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Edward Jones settles $34 million racial discrimination claim

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.

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Supreme Court case could determine weight to give best-interest statements

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?

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Fidelity fends off suit over 401(k) access fees for fund managers

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.

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Advisor Group firms boost legal reserves

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.

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Principal, Red Cross sued over 401(k)s

Plaintiffs in the separate cases allege the sponsors allowed the plans to have excessive investment-management and record-keeping fees.

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GPB broker-dealer shuts down amid fraud charges

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.

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NFP, Natixis targeted in 401(k) lawsuits

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.

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$1.8 billion mutual fund halts redemptions over alleged fraud

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.

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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.

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Ex-Janney broker stole $400,000 from clients to pay gambling debt: Feds

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.

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‘Roaring Kitty’ sued for fraud over GameStop rise

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.

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SEC wants independent monitor to run GPB amid fraud charges

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.

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DOL backs off from CalSavers lawsuit, but damage may be done

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.

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GameStop lawsuits allege ‘conspiracy’ bigger than Robinhood

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.