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Merrill Lynch stock-drop suit settled for $75 million
A federal judge gave final approval to a $75 million settlement between Merrill Lynch and employees who sued the New York-based brokerage house in 2007 to recover losses they sustained from holding Merrill company stock in their retirement plans.
Nuveen, Merrill and Citi slapped with suit over auction rate losses
A 77-year-old retired securities attorney and his wife are taking Nuveen Investments Inc., Merrill Lynch & Co. Inc., Citigroup and others to court over $2 million in losses they claim to have suffered from investing in auction rate securities.
Widow files arbitration claim against Ameriprise over VA sale to elderly spouse
A widow yesterday filed an arbitration claim with the Financial Industry Regulatory Authority Inc. against Ameriprise Financial Services Inc., alleging that a broker there failed to properly advise her aged husband on a variable annuity purchase and botched a beneficiary designation.
QA3 Financial hit with $500K claim over Medical Capital notes; Securities America, others face suits
The first lawsuit over the sale of allegedly fraudulent notes issued by Medical Capital Holdings Inc. was filed last week, and more look likely to come.
Money market funds may suffer when federal backstops expire, J. P. Morgan exec fears
Money market mutual funds would benefit from a federal program to guard against the risk of illiquidity in the markets, analysts yesterday at the first Money Fund Symposium in Providence, R.I.
No suit for you: Judge throws out $1B case against AIG
A federal judge in Chicago last week threw out a $1 billion lawsuit that accused AIG of committing fraud against insurance carriers in a workers' compensation pool.
Advisers at peace with NAIC proposal for more annuity rules
Although members of the insurance industry and some broker-dealer executives are butting heads with state regulators on tougher annuity regulation, financial advisers cheered the proposed use of Finra-esque suitability layers for all annuity sales.
Finra sticks to its guns in flap about oversight of B-Ds dishing advice
Finra isn't backing down from its position that it has jurisdiction over broker-dealers' financial planning activities.
Finra gives Michigan firm the boot
Finra has expelled an investment firm in Southfield, Mich., for inappropriate practices that occurred in its retail foreign-currency business and repeated violations of registration and related rules, according to a statement.
Offshore banking on endangered list
Legitimate offshore banking by wealthy Americans may be the next casualty of the UBS AG tax evasion case.
NBA star sues adviser over $2 million account transfers
Denver Nuggets basketball star Carmelo Anthony filed a lawsuit in federal court last week alleging that his former financial and business adviser transferred more than $2 million from his accounts without his knowledge or consent.
AIG fights lawsuit filed by customers who lost millions with Madoff
American International Group Inc. yesterday dismissed as “without merit” a lawsuit filed by two investors who claim the insurer should have covered the losses they suffered because they invested with Bernard L. Madoff.
Peeved about losses, Bahamas couple files $5M arbitration claim against Merrill
A securities arbitration claim of $5 million has been filed against Merrill Lynch by a Freeport, Bahamas couple who say the preferred financial company stocks the company sold them were unsuitable, according to the law firm representing the couple.
Two law firms weigh class action over sales of non-typical ETFs
Two law firms are investigating potential claims on behalf of retail investors who purchased leveraged, inverse and leveraged-inverse exchange traded funds and held them in their brokerage accounts for longer than one day.
Florida Atlantic University strips Barry Kaye’s name from business school
Florida Atlantic University's College of Business yesterday stripped life insurance guru Barry Kaye's name from the school, according to published reports.
Fidelity, Vanguard, others spent big bucks on 2Q lobbying
Boston's Fidelity Investments spent $940,000 — both directly and via third-party firms – during the second quarter to lobby Washington lawmakers on financial regulatory reform, retirement, taxes and other issues, according to recent filings with the Office of the Clerk of the House of Representatives.
FPA urges SEC to restrict Finra’s enforcement authority
The Financial Planning Association has urged the Securities and Exchange Commission to restrict the Financial Industry Regulatory Authority Inc.'s enforcement power.
Former executive at Securities America feared a "run on the bank’
A former top executive of Securities America feared “a panicked run on the bank” from clients who invested in private securities of Medical Capital Holdings Inc., which the Securities and Exchange Commission sued last month for fraud.
Merrill Lynch confronts arbitration claim involving financials’ preferred stock
A retired Michigan couple has filed a securities arbitration claim against Merrill Lynch & Co. Inc. alleging that improper sales practices led to a loss of $650,000 — the latest example of what some securities lawyers see as a rising tide of claims involving the preferred stock of financial firms.
Health care plan makes for interesting reading
I like to read important proposed legislation. Actually, I don't so much like it — the text is often mind-numbing — but I make myself do it because I think that it is important.
