Lawsuits

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.

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.

JPMorgan, along with Charles Schwab and a New York-based RIA, stand accused of not doing enough to prevent the son of an 84-year-old widow from stealing his mother's life savings.

A Tax Court ruling that limited partners in an investment manager must pay Uncle Sam could cause some restructuring across the industry, an expert said.

Two brokers had sought an unspecified amount that they argued they were owed from when they worked at the Wall Street giant before departing for rival firms.

Lawsuits before the Supreme Court and in lower federal courts across the country could further reduce enforcement powers at the IRS and the SEC this year.

The firm says a summer intern who was turned down for a full-time position sent harassing messages that led it to close its Atlanta office for two days in January.

Michael and David Sztrom, who settled fraud allegations with the SEC in 2022, contend the regulators' "follow on" attempt to boot them from the industry violates their constitutional rights.