Former UBS Broker Sues Firm
Ellie Behling
July 3, 2008—A former UBS broker filed a lawsuit against the firm, alleging it forced him to resign for cooperating with regulators, the Boston Globe reported.
Bill Aims To Protect Senior Investors
Ellie Behling and Rebecca Moore
July 1, 2008—The Senate last week introduced a bill to protect seniors from investment fraud.
Smith Barney’s ‘Golden Handcuffs’ Receive Court Approval
Fred Schneyer
June 27, 2008—The New Jersey Supreme Court approved Smith Barney’s employee stock-purchase compensation plans that carry forfeiture provisions if participants quit before fully vesting.
UBS Securities Faces Charges of Fraud by Mass. Authority
Rebecca Moore
June 27, 2008—Massachusetts authorities sued two subsidiaries of Swiss bank UBS AG, alleging they misled investors about the safety of auction-rate securities.
Law Firm Continues Probes of Fiduciary Breaches
Rebecca Moore
June 26, 2008—The law firm of Stember Feinstein Doyle & Payne, LLC , has turned its watchful eye to possible fiduciary misconduct at Fifth Third.
SEC Proposes Rule to Protect Senior Investors
Ellie Behling
June 26, 2008—In an effort to protect seniors from investment fraud, the U.S. Securities and Exchange Commission (SEC) proposed a new rule that would extend its jurisdiction to equity-indexed annuities.
UNUM to Pay $5.5M for Not Disclosing Fees
Rebecca Moore
June 24, 2008—Employee benefits provider UNUM Group will pay $5.5 million in fines and penalties for violations under ERISA.
Bear Stearns Hedge Fund Managers Arrested for Fraud
Rebecca Moore
June 20, 2008—Two former Bear Stearns hedge fund managers were arrested Thursday and indicted on conspiracy and fraud counts.
Two Law Firms Probe Lehman Brothers 401(k) Plan Fiduciaries
Rebecca Moore
June 20, 2008—The law firms of Milberg LLC and Liner Yankelevitz Sunshine & Regenstreif LLP separately announced they are investigating possible Employee Retirement Income Security Act (ERISA) violations by fiduciaries of the Lehman Brothers Holdings Inc. Savings Plan.
Cashed-Out Participants Keep Legal Standing Under ERISA
Fred Schneyer
June 17, 2008—A federal appellate court ruled that employees don’t lose the right to pursue individual claims when they cash out their plan balances.
Now You Tell Me...
Nevin E. Adams
June 12, 2008—Beginning June 21, you will have to show identification to get past the security checkpoint at airports.
Wachovia 401(k) Plan Under Investigation
Ellie Behling and Rebecca Moore
June 6, 2008—A law firm investigates whether conduct of fiduciaries to the Wachovia Savings Plan violated ERISA by not disclosing the risk of company stocks in light of the sub-prime mortgage risks.
Mutual Fund Adviser Fees: Not for Courts to Decide
Ellie Behling
May 22, 2008—A federal court ruled that mutual fund adviser fees are best set by market competition and not judicial process.
SEC Proposes Making Mutual Fund Comparisons Easier
Ellie Behling
May 22, 2008—The SEC proposed a rule requiring mutual funds to label their public files in order to enable investor comparison shopping.
Trade Groups Push for Deere Fee Suit Dismissal
Fred Schneyer
May 20, 2008—Three trade groups have leaped into the fray over excessive fees in the Deere & Co. 401(k) plan, contending that allowing the suit to continue could support excessive fee litigation.
Lawsuit Claims VALIC Misled W. Va. Teachers
Rebecca Moore
May 19, 2008—A lawsuit filed in Marshall County, West Virginia, claims public school personnel were duped into moving from the old Teachers’ Retirement System (TRS) into a new Teachers’ Defined contribution Plan (TDC) and into investing heavily in VALIC annuity products.
Bankruptcy Appellate Panel Upholds IRA Assets Exclusion
Fred Schneyer
May 19, 2008—A 10th U.S. Circuit Bankruptcy Appellate Panel upheld a lower court ruling that the proceeds of debtor’s rolled over benefits from an employee stock ownership plan (ESOP) are to be excluded from the debtor’s bankruptcy estate.
Court Says LaRue Ruling Doesn't Apply to ESOP Challenge
Rebecca Moore
May 15, 2008—A U.S. district court rejected the attempt by an employee stock ownership plan (ESOP) participant to revive her fiduciary breach case based on the recent U.S. Supreme Court ruling.
It Might Pay to Litigate Against FINRA
Ellie Behling
May 13, 2008—An annual study by Sutherland Asbill & Brennan LLP found that broker/dealers are often more successful than individuals in hearing panels against the Financial Industry Regulatory Authority (FINRA).
IMHO: One More Thing To Do
Nevin E. Adams
May 12, 2008—Last week, the Connecticut legislature didn’t get around to voting on a bill that would have effectively set up a state-sponsored 401(k) plan for small businesses.
