Law and legal issues

Chuck Roberts, whose recommendations of structured notes landed the St. Louis firm a nearly $133 million arbitration award, was kicked out of the industry after ceasing to cooperate with a regulatory investigation.

Morgan Stanley had gone to the Second Circuit Court of Appeals to fight a lower court's finding that its deferred compensation policies fall under federal retirement law.

Many former college athletes will receive large lump sums, and current players face new NIL guidelines that come with large, officially sanctioned payments.

Panelists on a FINRA arbitration board cited Randy Anderson's claims of age discrimination when questioning UBS's reasons for firing its former broker. Now UBS argues in a court filing that no evidence of discrimination was ever presented.

In separate cases, two federal judges found that neither Wells Fargo nor LPL had a fiduciary obligation to look for clients' best interests with uninvested cash held in brokerage accounts.

A FINRA arbitration panel's decision marked a rare rebuke for a large wealth manager seeking to reclaim money it provided an advisor recruited from a rival.

A former marketing executive at the CFA Institute faces charges of embezzling nearly $5 million to fund extravagant expenses, including luxury travel and a $150,000 engagement ring, according to prosecutors.

George "Keith" Demetriades was accused of violating nonsolicitation clauses and misappropriating trade secrets after leaving for an RIA in 2023.

Now at Wells Fargo, Matthew McCrea is accused of violating a nonsolicitation agreement he signed at JPMorgan. The suit echoes allegations JPMorgan made days earlier against a broker now at Morgan Stanley.

An advisory panel has recommended changes that would bring arbitration rules for RIAs into line with those now governing FINRA proceedings for broker-dealers. The proposal still has to get through the SEC.