Lawsuits

FINRA must let the SEC weigh in before it can cast out one of its members, a three-judge panel of the U.S. Court of Appeals for the District of Columbia found.

Nicholas Takahashi and his team are accused of deliberately trying to poach the clients of a former colleague managing hundreds of millions in assets and producing more than $1 million a year in revenue.

Former financial advisors accused the firm of filing false disclosures about a template invoice their onetime employer claimed they sent to clients.

The firm's new policy of keeping discrimination complaints out of court isn't sitting well with at least two financial advisors.

Its backers should file a lawsuit based on the "very flimsy" exemption for prohibited transactions enabling annuity sales under current rules, an expert says.

An LPL vice president testified that 30 former Ameriprise advisors imported client information for accounts with more than $1 billion under management and $16 million in yearly revenue generation.

A suit filed in federal court marks the third time in recent months that Charles Schwab and its affiliates have been accused of failing to prevent elderly clients from being swindled out of their life savings.

In court response, LPL warns victory for Ameriprise would "chill" advisors' ability to move from one independent broker-dealer to another.

In a recurring pattern, Ameriprise again accuses its industry rival of encouraging a recently recruited advisor to "harvest" and bring over confidential client information.

The case is one of the latest to question if firms can be held liable for costly investment decisions made by clients showing signs of mental decline.

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.