Litigation
Get the latest news and insights on litigation affecting financial advisors and the broader financial services industry.
How Will the Pandemic Change Regulation?
By Thomas D. GiachettiRegulators and firms have learned that remote exams can eliminate a lot of overhead.
May 17, 2021
Wells Fargo Faces Lawsuit for Allegedly Mismanaging Its 401(k) PlanHigh-level bank execs picked and retained 17 proprietary funds, many of which underperformed, the class action states.
May 17, 2021
Ex-Wells Fargo Rep Sentenced to 27 Months in PrisonThe firm's former broker had pleaded guilty to wire fraud in which he stole more than $450,000 from about 40 clients.
May 14, 2021
FSI Sues DOL for Nixing Independent Contractor RuleThe rule gave indie advisors "much-needed certainty regarding their classification status," said FSI CEO Dale Brown.
May 13, 2021
Ex-LPL Rep Pleads Guilty to Stealing More Than $600K From Retired ClientThe broker transferred funds from his 73-year-old client's investment accounts to a joint bank account and withdrew most of it for his own use.
May 03, 2021
Advisor Group Seeks at Least $900K From Venerable in LawsuitThe broker-dealer alleges the variable annuity firm is guilty of breaching the terms of a marketing agreement.
April 30, 2021
Barred Long Island Broker Charged in Pre-IPO Share ScamThe broker and his partner allegedly took $436,000 from investors who thought they were buying shares of Peloton, WeWork or Airbnb.
April 29, 2021
New York Best-Interest Rule for Annuity Sales Struck DownThe rule uses "subjective terms" and "fails to provide sufficient concrete, practical guidance," the judges said.