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The latest legal action over the industry's handling of clients' uninvested cash suggests sweeps are a bigger profit generator than most firms let on.
July 19
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The Wall Street powerhouse is now the subject of two class action suits questioning whether it has been providing unreasonably low returns on clients' uninvested cash.
July 16
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A broker argues the Supreme Court's recent decision in the Jarkesy case means he should get to defend himself against fraud allegations before a jury.
July 15
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The decisions indicated that justices will use far stricter scrutiny of government regulations moving forward, and some cases dealt a direct impact right away.
July 10
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The arbitration award comes amid the industry's aggressive push to make sure departing wealth managers pay back money owed on recruiting loans.
July 9 -
Huntington Investment Company is accusing a former advisor of resigning with no advance notice and then using confidential information to drum business from ex-clients.
July 2
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The broker-dealer self-regulator argues that the enforcement decline is a result of its success in driving bad actors from the industry.
June 28
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The high court ruling deals a serious blow to a system that critics contended had allowed regulators to act as proverbial judge, jury and executioner.
June 27
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LPL accuses its rival of hindering "competition in the financial services space" through its "cynical" attempts at frightening advisors into staying put.
June 25
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The latest legal challenge to the firm's "cash sweeps" policies argues advisors violated their fiduciary duties by not procuring higher yields for clients.
June 20 -
The payout of nearly $20 million reflects the mixed status of Black representation among financial advisors at the largest wealth management firms.
June 14
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A decision backing the surviving shareholder in a family business could have carried major tax implications to succession plans. Instead, SCOTUS backed the IRS.
June 10
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The American Securities Association accuses the industry regulator of violating federal sunshine law for rebuffing its requests for insight into more than $3 billion in recent settlements with Wall Street giants.
June 7
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The new court action comes amid ongoing litigation over Gregg Desmarais' alleged poaching of clients and assets for Raymond James.
June 7
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An industry lawyer says the firm's liability in a complex insurance-related scam will hinge on what it "should have known" or "must have known."
June 6
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The lawsuit alleges that Jim Chanos "planned on using his power as general partner to run the company into the ground, enjoy the tax benefits of his financial shenanigans, and leave his partners with nothing."
May 30
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The disturbing nature of the claims and puzzling sequence of events add a fraught layer to what was already going to be a challenging CEO handoff from the founder.
May 8
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Sixteen advisors argue the megabank owes them more than $270 million over false promises they were made when being recruited.
May 7
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When a small company holds a life insurance policy, estate planning gets complicated — which is why assigning it to an individual or a family may be the better choice.
May 3
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As it and other critics pursue a coordinated legal strategy, a trade group for independent insurance agents requested an injunction to put the regulation on hold.
May 3
