Law and legal issues

From compliance to the Broker Protocol, advisors should understand their obligations and restrictions before they make a move.

Allison Herren Lee and Robert Cook also vowed to continue reforming expungements after the tabling of a new proposed rule earlier this year.

Cresset added five more advisors to the previous 10 that the megabank claims a founding partner recruited in violation of the terms of his resignation.

Plaintiffs claim the firm’s high cash allocations juiced revenue for Schwab at the expense of client performance.

The Salt Lake City broker-dealer, under scrutiny by regulators over its exorbitant fees and seizure of client money, lost a court battle seeking to force regulator FINRA to deal with it in person.

Carrie Tolstedt invoked her right to remain silent about allegations she misled bank customers.

The bank says plaintiffs cannot connect instances of identity theft or fraud to incidents at the bank, giving the case no standing.

The San Francisco data aggregator has committed to minimizing how much data it extracts from bank accounts.

FINRA arbitrators decided not to hold the major custodian liable for transactions prior to 2008, an attorney for the clients says.

The compliance inquiry relates to past disclosures around the Intelligent Portfolios product.

The free trading app’s breakneck growth hurt the same small-time investors it sought to empower, FINRA says.

The penalty stems from lapses tied to a March 2020 outage and allegations that the fintech firm let thousands of clients trade options that might not have been appropriate for them.

Two representatives in a New Jersey office made lewd comments and created a hostile work environment, the former employee says.

Beverley Schottenstein steps back into legal combat against her grandsons — two brothers — after a deal to hash out an agreement over their mishandling of her $80 million fell apart.

The barred ex-rep funneled clients’ money into a shell company he falsely called a sub advisor, according to investigators.

This likely means an ex-diversity chief from the firm will no longer be able to testify in a class action lawsuit with similar allegations, according to a legal expert.

The company didn’t look into the incident carefully before firing Amy Cooper the following day, the suit says.

Although they praise certain changes in a rule up for SEC approval, client attorneys and researchers say the process has further flaws.

FINRA arbitrators ordered the wealth manager and closed-end funds manager to pay damages as it resolves outstanding claims stemming from the island’s fiscal crisis.

The advisor, who is Egyptian American, lost most of his client accounts to a white rep who poached them with support from management, a new lawsuit claims.