Litigation
Get the latest news and insights on litigation affecting financial advisors and the broader financial services industry.
March 15, 2022
Vanguard Hit With Class-Action Suit Over Target Date Fund Tax BillsVanguard intentionally created a selloff resembling an "elephant stampede" when it slashed minimums for institutional TDFs, according to the suit.
March 10, 2022
Ex-Merrill Advisor Who Hurled Drink, Racist Insults Seeks ProbationFacing three charges, James Iannazzo is looking to apply for a pretrial probation program.
March 10, 2022
Sen. Warren Presses FINRA's Cook on Wells Fargo Arb RulingWarren and Rep. Katie Porter, D-Calif., say Cook failed to answer earlier questions about FINRA's handling of the case.
February 28, 2022
2 Members of $20M Scam Convicted, Could Face Rest of Lives in PrisonThe Arizona and California men are the latest players in the multi-state conspiracy that deceived hundreds of mostly older investors.
February 28, 2022
The Big Mistake That Leaves Advisors Open to LawsuitsToo many brokers and advisors skip a crucial step when joining a firm, legal experts like Brian Hamburger say.
February 25, 2022
Wells Fargo Appeals FINRA Arb Ruling Struck Down in CourtWells Fargo is appealing a Georgia judge's ruling that Wells Fargo and its counsel manipulated FINRA's arbitrator selection process.
February 24, 2022
Ex-Broker Gets 2 Years in Prison for Social Security Fraud, Stealing From ChurchThe former advisor was convicted of stealing more than $370,000 in disability benefits and $20,000 from a church.
February 18, 2022
New Court Date Set for Suspect in Merrill Exec's MurderThe next hearing for the former colleague and ex-boyfriend of slain Bank of America executive Michelle Avan will be on March 22.
February 16, 2022
Ex-Broker Gets 7 Years in Prison Over $2.4M Scam Targeting Older ClientsThe ex-broker told investors they were funding a shopping app but spent their money on gambling, jewelry and other items, prosecutors said.
February 15, 2022
Actor Sentenced to 20 Years in Prison Over $650M Ponzi SchemeZach Avery, whose real name is Zachary Joseph Horwitz, was also ordered to pay $230.4 million in restitution.