Lawsuits

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.

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.

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.

Laura Sullivan stands accused of accessing confidential customer data and violating a nonsolicitation agreement by bringing along at least 15 client households.

Experts say that there are pitfalls, rules and procedures that departing financial advisors should know. Problem is, too many act first and consult lawyers later.

The decision comes as a victory for FINRA in a series of legal assaults meant to undercut the authority of self-regulatory organizations.

Regulators discovered Julie Darrah had been siphoning millions from elderly clients after WEG bought her practice in 2021.

The broker-dealer alleged that a FINRA arbitration panelist who helped hand down the landmark penalty should have recused herself after reaching a similar conclusion in a case involving the same embattled broker.

The industry rivals could still turn to FINRA arbitration to pursue their dispute over allegedly unwarranted data breach notices Ameriprise sent LPL customers.