Bank of America Sued for Race Discrimination

Five black current and former employees of Bank of America Corp. filed a discrimination suit Thursday against the bank, alleging that it assigns its black employees to primarily minority neighborhoods and low net-worth accounts.

Edward Jones Customers Get Fair Fund Distribution

Current and former customers of Edward D. Jones&Co. customers who were “victims″ of the firm’s failure to adequately disclose revenue payments from a select group of mutual fund companies have received $79 million in a Fair Fund distribution, the Securities and Exchange Commission (SEC) announced Thursday.

DoL Requests Suggestions for 401(k) Fee Disclosures

The U.S. Department of Labor’s (DoL) Employee Benefits Security Administration will tomorrow publish a "request for information" (RFI) in the Federal Register asking for proposals on how to best approach 401(k) fee disclosures by retirement plans to their participants.

Antitrust Suit Against Insurers and Brokers Dismissed

A federal judge threw out an antitrust lawsuit against dozens of insurance brokers and insurers at some of the largest U.S. firms by policyholders who claimed that the defendants conspired with each other to fix insurance prices, but gave the plaintiffs one last chance to amend their case.

IMHO: The 80/20 Rule

Sooner or later in your career, you are exposed to the 80/20 rule or, as purists term it, the Pareto principle.

U-5 Notices Get Absolute Privilege

The New York Court of Appeals ruled that the notices employers must provide to the National Association of Securities Dealers (NASD) when they terminate an employee cannot be used as grounds for a lawsuit.

$14M Award to Brokers Fired For Market-Timing Upheld

Rejecting Merrill Lynch’s requests to throw out the award, a federal judge upheld a $14 million award to three former Merrill Lynch brokers fired over allegations of improper market timing in their mutual fund trading activities.