Cuomo Says Merrill Accelerated Bonus Payments
Attorney General Andrew Cuomo again took a stab at Bank of America (BoA) for not releasing data about bonuses paid to Merrill Lynch&Co. executives.
Compliance
Madoff Scheduled To Plead Guilty
Bernard L. Madoff, the alleged orchestrator of a $50-billion Ponzi scheme, is scheduled to plead guilty to 11 felony charges Thursday.
Pension Consultant Provides Fee Restitution to Clients
The U.S. Department of Labor has reached a settlement agreement with Consulting Services Group (CSG) of Memphis, Tennessee, and its affiliated broker/dealer, which provides for fee restitution to...
High Court Takes on Investment Adviser Fee Dispute
The U.S. Supreme Court agreed to consider whether the level of fees paid to investment advisers to mutual fund companies can violate the Investment Company Act.
UTC Gets Legal Victory in Excess Fee Case
Another employer hit with a 401(k) excess fee suit has walked off with a decisive victory.
Deutsche Bank Sued by Merrill over Hiring ‘Raid’
Merrill Lynch has sued Deutsche Bank, calling its poaching of a group of 12 employees that had collectively 'generated tens of millions of dollars in annual revenues for...
FINRA Creates Office of the Whistleblower
The Financial Industry Regulatory Authority (FINRA) said it learned from recent scandals and aims to make its process for whistleblower tips more efficient.
Merrill Executives Subpoenaed in Bonus Probe
In his continuing investigation into the bonuses paid out to Merrill Lynch executives before its acquisition by Bank of America (BoA), New York Attorney General Andrew Cuomo has...
Court Finds no Support for Fiduciary Breach Claim against Fifth Third
The U.S. District Court for the Southern District of Ohio ruled that retirement plan participants did not prove that Fifth Third Bancorp breached its fiduciary duties by continuing...
401(k) Embezzler Tied to Escort Service
Federal prosecutors have charged the former controller of one of Boston’s largest investment firms of diverting funds from the company’s retirement plan—to bank accounts linked to an adult...
BoA Gets Subpoena to Release Bonus Information
The New York Attorney General’s office has subpoenaed Bank of America (BoA) for a list of employees' bonuses, according to reports.
President’s Budget Aims to Boost Retirement Savings
President Barack Obama’s budget blueprint released on Thursday includes proposals for an automatic IRA plan for workers and an expansion of the Saver’s Credit.
Senate Committee Takes Aim at Target-Date Funds
The U.S. Senate Special Committee on Aging held a hearing about the economic downturn’s effect on retirement security, particularly for those who are on the brink of retirement.
Money Manager Fraud Snares Public Pensions
Two managing general partners of WG Trading Co. of Greenwich, Connecticut, have been charged with running an estimated $550 million investment fraud.