Law and legal issues

The bank failed to implement its own supervisory procedures around single-inverse ETFs, costing clients millions, the SEC says.

The major custodian lost its second arbitration case — with even more filings likely — over the services it provided to a brokerage later proved to be engaged in massive fraud.

The defeat is the most recent for Credit Suisse in an ongoing deferred compensation fight in which ex-advisors have won millions.

The settlement marks the bank’s largest yet from a series of scandals that claimed two chief executive officers.

“Mandatory arbitration could be masking toxic cultures that are tolerating sexual harassment,” says a shareholder activist whose firm prompted Wells’ move

The wealth manager claimed bank management knew a customer had a history of sexual harassment, but allowed him to continue doing business at the branch anyway.

While several tech giants have done away with the clause in the past few years, the process remains widespread on Wall Street, which pioneered it decades ago.

The settlement would apply to advisors who participated in the firm’s deferred-compensation plan from February 2011 through January 2020.

An arbitration panel rejected efforts to impose a permanent injunction against a broker who left for Raymond James.

Diversity statements and conferences are well and good but don’t go far enough. Here’s what will.

To reduce the risk of retiring early, seniors are advised to take on a part-time job or downsize to reduce expenses.

“The bank had better tools and systems to detect employees who did not meet unreasonable sales goals than it did to catch employees” engaging in misconduct, the regulator said.

The bank's former chief executive will pay a $17.5 million penalty and be banned from the industry.

FINRA blocked the influential advisor and wealth management entrepreneur on one case, but an arbitrator backed him on another.

The arbitrators based their ruling “on the defamatory nature of the information.”

The advisor switched firms only to see his new employer close shop 18 months later.

The bank was accused of infringing on another firm's patent for a mobile deposit system.

“This didn’t seem like a very fair process,” says the ex-advisor, who was ordered to pay the firm $206,000 for breach of promissory note.

The firm’s supervisory systems did not identify brokers who recommended clients engage in potentially unsuitable early rollovers of UITs, the regulator said.

“I want to give a huge thank you to my clients” for feeding local families, Keith Springer blogged the same day the SEC filed its complaint.