Results for "lawsuits"

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Capital Group, sponsor of American Funds, wins 401(k) lawsuit

January 26, 2018

Capital Group, which sponsors the American Funds brand of investment products, has won a lawsuit alleging the company profited at the expense of its employees by loading its 401(k) plan with costly in-house funds. The decision was sure to be...

Finra arbitrators award $878,712 to broker wrongfully terminated by Ameriprise

January 24, 2018

Finra arbitrators awarded $878,712 to a broker who they found was wrongfully fired by Ameriprise Financial Services Inc., but the victor will continue to serve a Finra suspension over a related investigation until April. The Financial Industry...

Why 401(k) advisers should be aware of contractual language limitations

January 18, 2018

As counsel for investment managers and investment advisers, we endeavor to draft documents precisely, making clear the obligations of our clients and seeking to limit their exposures to the extent permissible by the Employee Retirement Income...

Lawsuits push 401(k) plan sponsors to cut fees

January 18, 2018

Employers are moving to reduce their 401(k) plan costs in greater numbers, largely in an attempt to avoid the fate of peers who've been sued for allegedly excessive fees in their defined-contribution plans, new research suggests. "[Fee pressure]...

Legislation would make it harder for investors to sue mutual funds over high fees

January 17, 2018

[Update: On Jan. 18, the House Financial Services Committee approved the Mutual Fund Litigation Reform Act, 31-25.] Legislation that would make it more difficult for investors to sue mutual fund companies for excessive fees was poised to advance...

In rare move, investment adviser named as defendant in NYU retirement plan case

January 16, 2018

In an unusual turn of events, the investment adviser to New York University's retirement plan has been named as a co-defendant in litigation attacking the plan's allegedly excessive fees. Plaintiffs contend the adviser, Cammack LaRhette Advisors,...

Supreme Court review of SEC judges could roil pending cases

January 16, 2018

A Supreme Court case on the Securities and Exchange Commission's use of internal judges could put into limbo more than 100 pending enforcement actions but may not end the agency's ability to adjudicate such matters on its home court. On Jan....

Supreme Court to review appointment of SEC's in-house judges

January 12, 2018

The U.S. Supreme Court will decide whether the Securities and Exchange Commission's in-house judges were appointed in violation of the Constitution, agreeing to hear a case that could upend administrative hearing systems across the federal government....

Morgan Stanley and adviser win lawsuit over annuity distribution

January 8, 2018

Morgan Stanley has prevailed in a lawsuit alleging the company and one of its advisers acted negligently when it told clients to take a particular type of annuity distribution, which cost the clients nearly $300,000 in tax liabilities. While...

Allianz agrees to settle 401(k) fee lawsuit for $12 million

January 2, 2018

Allianz has agreed to pay $12 million to settle a lawsuit alleging it peppered its company 401(k) plan with dozens of high-cost, in-house funds. Participants in the 401(k) plan originally brought the suit, Urakhchin v. Allianz Asset Management...

Ex-Smith Barney broker who needed new heart in fight with Morgan Stanley over clients

December 19, 2017

When Douglas Garban left Salomon Smith Barney in 2003 with a debilitating heart condition that ultimately led to a heart transplant, he claims he had an agreement with a fellow broker who took over his book of business that they would split...

Industry opponents urge appeals court to rule on DOL fiduciary rule

December 11, 2017

Financial industry opponents of the Labor Department's fiduciary rule are urging an appeals court to rule on their case, despite the fact that major parts of the regulation won't be implemented until 2019. In a Dec. 8 letter to the U.S. Court...

How to balance marketing and compliance

December 1, 2017

As Mopedia noted in its Sept. 14 article, the Securities and Exchange Commission issued a risk alert based on the results of a 2016 exam (The Touting Initiative) that focused on common marketing and compliance missteps. The findings prompt...

Unions could be 'next frontier' for retirement plan litigation

December 1, 2017

Defined contribution plans for labor unions appear to be the newest target of retirement plan litigation, following the filing of a lawsuit that legal experts say is likely the first to attack a union for excessive fees. The lawsuit, Ybarra...

Texas REIT sues hedge fund boss Kyle Bass

November 30, 2017

A troubled real estate development company in Texas, United Development Funding, on Tuesday filed a lawsuit against hedge fund boss Kyle Bass for making allegedly "false and disparaging statements" in 2015 conveying that various UDF real estate...

UBS broker-protocol exit shows independent channel is bleeding wirehouses of advisers

November 27, 2017

UBS Wealth Management America's decision to leave an industry agreement known as the protocol for broker recruiting is a clear indication that the large wirehouse firms are losing more brokers through attrition than they are gaining from recruiting,...

Excessive-fee litigation in retirement plan market moving downstream

November 22, 2017

A series of civil actions filed against the sponsors of 403(b) plans last summer named as defendants several large universities, including the Massachusetts Institute of Technology, Yale, New York University, Duke, Vanderbilt, University of...

Filial laws put kids on the hook for parents' health-care costs

November 22, 2017

State laws known as filial responsibility laws have the potential to stick unwitting family members with relatives' hefty long-term-care costs. One of the best-known examples comes from a court case in Pennsylvania, in which a man was ordered...

Wells Fargo sued, again, for using in-house funds in 401(k) plan

November 21, 2017

Just as Wells Fargo & Co. escaped from the jaws of one 401(k) lawsuit over in-house funds, it's now ensnared in another. In a rare move, a federal judge dismissed a lawsuit against the company in May alleging breach of fiduciary duty for self-dealing,...

J.P. Morgan settles lawsuit on alleged fiduciary breach in stable value funds

November 8, 2017

An ERISA class-action lawsuit against J.P. Morgan Chase alleging a breach of fiduciary duty in its stable value fund by a class of participants has been settled for $75 million, a court document announcing the agreed settlement shows. The settlement...

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