Law and legal issues

Millions in clients' funds was steered into a sports ticketing business.

Lawyers have filed FINRA arbitration claims alleging the bank deprived them of their bonuses.

"I lose years of my life. They can settle, write a check and move on," says an adviser whose book of business dropped by $40 million after he alleges he was wrongfully terminated.

Will Chief District Judge Barbara Lynn be the first to rule against the regulation? Opponents of a case in Texas federal court have high hopes.

The legal setback for the rule's foes still leaves three ongoing court challenges, as well as an uncertain future after Trump takes office.

The team accused the firm of preventing them from properly conducting business with their clients, a charge that a FINRA arbitration panel rejected.

Former Department of Labor officials allege systemic breakdown of whistleblower protection; two also handled Wells Fargo cases that went nowhere.

Arbitrators also rejected the former adviser's counterclaims for $51 million in damages.

The problem began when a hyperlink was missing from where clients were accustomed to reviewing their transactions online.

A planner's lawsuit claims the bank improperly funneled $3 billion into its own target-date funds.

Though against the firm's policy, the wirehouse still permitted the purchase of securities with credit lines "on thousands of occasions" during a four-year period, according to the regulator.

The firm also asked for the suits filed in federal court to be thrown out.

The regulator, in a proposed final judgement, wants the former planner held liable for $123,000 spent on golf outings, shopping and cruises.

The former broker is accused of making false claims about his client list at Stifel to earn a compensation advance from another firm.

The firm was fined $1.57 million and must pay clients another $1.85 million for related infractions, the regulator said.

A federal judge categorically rejects claims by an insurance group that the agency overreached. The ruling "sets the tone" for other suits nationwide, an investor advocate says.

While a federal court allowed the organization to file a brief saying it upheld fiduciary values, it should not be providing expert opinions, writes the founder of a fiduciary consulting firm.

FINRA plans to add 1,000 new arbitrators this year to improve its troubled dispute resolution process, but offers few new details on some of its largest challenges.

The adviser contended that not a single one of her clients from Schwab transferred their accounts over to J.P. Morgan.

Wirehouse system and supervisory failures are just the start.