Lawsuits

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.

Nicholas Takahashi stood accused of taking confidential information when he left for Raymond James last summer. But a federal judge said she saw no convincing evidence of illicit dealings.

Edward Turley, a once high-flying advisor booted from the industry in 2022, is at the center of a dozen client settlements costing JPMorgan upward of $63 million.

Michael Bernier oversaw roughly $165 million in client assets at Canter Strategic Wealth Management, a firm with $300 million under management. Then he left to join LPL.

Industry watchdogs stayed busy trying to root out elder fraud and off-channel communications while plaintiffs lawyers' questioned firms' sweeps policies and regulators' basic authority.

While at Schwab, Roberto Ortega worked with clients whose accounts held more than $1.5 billion. A lawsuit seeks to bar him from soliciting their business for his new employer.

The rival firms will pay for a forensic consultant to preserve evidence of transferred confidential data while they await FINRA arbitration.

A former wealth manager contends she was unfairly denied disability payments after fibromyalgia and other health complaints forced her to stop working in 2022.

The Texas AG leads a lawsuit against BlackRock, Vanguard, State Street, alleging asset managers' influence on coal production led to higher energy prices.

Former Western Asset Management co-Chief Investment Officer Ken Leech was charged with engaging in an alleged "cherry-picking" trading scheme.

The bulk of the haul came from the bankrupt crypto company Terraform Labs. But Morgan Stanley, LPL Financial, Ameriprise and other big firms also came under scrutiny.