Lawsuits

The win for Morgan Stanley comes after a recent string of victories against brokers who left for rival firms. But as the outcome in the JPMorgan case shows, firms don't always prevail.

Chuck Roberts, whose recommendations of structured notes landed the St. Louis firm a nearly $133 million arbitration award, was kicked out of the industry after ceasing to cooperate with a regulatory investigation.

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.

Morgan Stanley is among a long list of wealth managers facing questions about whether their handling of uninvested cash is really in clients' best interest.

After joining Raymond James last year, Lynette Ancona contends she was virtually forced out of Schwab by a branch manager who tended to favor "younger, male" colleagues.

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.