The US Attorney for the Western District of Tennessee has announced James Michael Foley, former Vice President of Sales for UnumProvident Corporation, pled guilty on Friday to fraud in relation to sales of insurance to corporations.
Federal regulators have turned to the public for comment on how to formulate guidance on “phased retirement″ in-service plan distributions as provided for by the Pension Protection Act (PPA).
You may think things are crazy this time of year in your office – and they may well seem that way. Advisers are human, after all, and advisory firms composed of human advisers. We’re all subject to human foibles. But a recent NASD settlement reminds us all of just how out of control things can get.
Facing a backlog of about 1,200 requests for Internal Revenue Service (IRS) determination letters on cash balance conversions, the agency announced Thursday that it had lifted a 1999 moratorium on processing the requests.
Fidelity Investments has announced it will pay more than $42 million to its funds after a report issued by independent trustees of Fidelity’s board said some of its traders directed business to brokers who provided them with lavish gifts.
Deutsche Asset Management (DeAM) confirmed Thursday that it has settled proceedings with the Securities and Exchange Commission (SEC) and New York Attorney General Eliot Spitzer related to alleged improper market timing accusations against Deutsche Asset Management Inc. and Deutsche Investment Management Americas Inc., the investment adviser to many of the DWS Scudder Funds.
Chubb Corporation announced on Thursday it will discontinue paying contingent commissions on all insurance lines in the United States beginning in 2007 as part of a settlement agreement with the Attorneys General of New York, Connecticut and Illinois that resolves all issues arising out of investigations of property-casualty insurance market illegal bid-rigging practices.
The Internal Revenue Service (IRS) and Treasury Department have issued final regulations that provide guidance concerning prohibited allocations and disqualified person requirements under section 409(p) of the Internal Revenue Code for employee stock ownership plans (ESOPs) holding stock of Subchapter S corporations.
The sponsor of a 401(k) plan for employees at an Illinois racetrack is suing Principal Financial Group for fiduciary breach over revenue sharing arrangements with mutual funds whose offerings are in Principal’s 401(k) product.
In a lawsuit filed earlier this month, New York Attorney General Eliot Spitzer’s office charges UBS Financial Services, Inc. with leading inappropriate clients into its InsightOne brokerage program by falsely promoting services not offered.
A federal judge in New York has ruled in a lawsuit that Citigroup's cash balance plan is not “age neutral″ in the latest in a long line of federal court rulings on the controversial pension issue.
Prudential Insurance Company of America has agreed as part of a lawsuit settlement over the use of contingent commissions that it will now disclose all broker compensation to consumers.
Four Deere&Co. workers have sued Fidelity Investments over charges it levies unreasonable fees to manage the Deere 401(k) plan.
The Internal Revenue Service (IRS) issued Notice 2007-3 containing the 2006 Cumulative List of Changes in Plan Qualification Requirements for plan administrators to consider when submitting a request for opinion, determination or advisory letters.
Under an agreement with New York State Attorney General Eliot Spitzer, Prudential Insurance Company of America will eliminate the payment of contingent commissions to brokers on group insurance products, including life, disability and long-term care.
A vote by the US Securities and Exchange Commission (SEC) this week is expected to start easing the accounting rules governing how closely small public companies have to gauge the quality of their financial controls.
Federal pension regulators on Friday announced a series of proposed changes to the 2008 Form 5500.
A federal judge in Chicago has certified as a class action a lawsuit against Aon Corp. over allegations 401(k) participants lost ten of millions of dollars when its overvalued company stock price collapsed two years ago.
JPMorgan Retirement Plan Services has filed a multi-count suit against former vice president of sales Paul Freeman, accusing him of lifting confidential client files when he defected to Fidelity’s retirement services operation last month.
In the first time it has considered the issue, a federal appeals court has ruled that an employee's nonqualified stock options from his employer became taxable when the options were exercised.