Lawsuits

The former Wells employee says he was basically forced to quit after a series of fumbles by the firm cost him his book of business and brought his pay down to "minimum wage level."

A pair of wealth managers stand accused of allocating trading gains to themselves and losses to their clients in a way that had "nearly zero" chance of happening at random.

The latest lawsuit accuses the firm of not only failing to look out for clients' best interests but also failing to secure "reasonable returns" on money held in retirement accounts.

Plaintiff Stephen A. Greco has the opportunity to file an amended complaint, but a federal judge took his allegations of conspiracy to task.

If successful, previously banned brokers might be free to "fleece your grandma" again, an expert warned.

Within days of a colleague's retirement and having been introduced as their new advisor, Corbin Hoffner left for Raymond James.

Lawyers allege the 92-year-old victim's daughter begged Schwab to freeze her mother's account, but to no avail.

Schwab vehemently denied allegations that it mishandled clients' uninvested cash, calling the putative class action just the latest in a series of "unsound, copycat lawsuits."

The legal action comes after executives expressed comfort with their firm's deposit rates in a recent earnings call.

The wealth management giants join their rivals Wells Fargo, Morgan Stanley, UBS, LPL Financial and Ameriprise in being accused of using uninvested cash in advisory accounts to boost their bottom lines rather than benefit clients.

UBS executives estimate their plan to raise rates on certain accounts will cost the firm $50 million. A new suit cites that as evidence that the firm "violated its obligations to its clients."

The decision hinging on the definition of "inventory" in the sale of a highly valuable position in a U.S. partnership resolved a saga that began 16 years ago.

Analysts say that firms that are forced to start paying clients higher rates may have to raise their advisory fees and cut costs to make up for the revenue losses.

The Federal Trade Commission says it's weighing a likely appeal of the ruling.

Industry experts say they can't recall another time when an advisory firm has used a lawsuit for a wholesale indictment of a rival's recruiting practices.

An LPL independent contractor accuses the firm of not doing enough to stop salacious remarks directed at him that started after a top Bank of Springfield executive learned he was gay.

The litigation comes amid heated debate over a Department of Labor rule meant to prevent excessive fees on sales of insurance products.

The wealth management giant questions if there has ever been so large a civil sanction handed down in response to "negligent mistakes" made in an attempt to comply with "unwritten rules."

Prosecutors accused firm founder David Gentile and his partner of putting at risk more than $1.8 billion raised from thousands of investors.

Firms' practice of offering low returns on clients' uninvested cash is becoming the latest hot legal target.