Lawsuits

The industry rivals are back in court with fresh allegations that Ameriprise falsely warned its former clients that LPL misappropriated their account information.

Michael Bonevento and his team left Ameriprise in 2019 to join LPL Financial. He says too much time has elapsed for him to now be accused of misappropriating client information.

A court of appeals agreed with Commonwealth's contention that a jury should decide if investors were harmed by investment disclosures allegedly withheld from them.

Regulators accused Cambridge Investment Research of directing clients to mutual funds and other investments that generated revenue-sharing payments when cheaper options were available.

A federal judge agrees with Merrill that deferred compensation is a bonus used to reward employee loyalty rather than a retirement benefit protected by federal law.

U.S. District Judge Susan Brnovich found Ameriprise failed to furnish evidence that data taken by a recently recruited advisory team was going to be used to solicit their clients to LPL.

Berdina Moore-Bonds alleges that when Morgan Stanley embarked on a reorganization of its regional divisions in 2023, she and another Black woman were the only field leaders to lose their jobs.

In a legal response, LPL contends it has been sued at least seven times in the past year after recruiting advisors from industry rival Ameriprise.

The hearing last month explored the legal process for enforcing the fiduciary duty of retirement plans to avoid excessive recordkeeping fees.

Former UBS employee Cody Rice acknowledges that his politics and personal traits made him an outlier in the ESG world. But that, he says in a lawsuit, was no excuse for the treatment he received.