Connecticut Attorney General Richard Blumenthal this week announced that The St. Paul Travelers Companies, Inc. plans to stop paying contingent commissions to insurance agents and brokers by the start of 2008.
Massachusetts Secretary of State William Galvin is looking into whether hedge funds have increased their trading fees to compensate banks for office space they lease as a temporary home to hedge fund traders and if the funds are telling investors about the fees.
Although a majority of women (72%) say retirement is their primary investment goal, almost half of them (48%) do not participate in a retirement savings plan and 60% said they have not taken the necessary steps to prepare for retirement.
A scant 16% of Baby Boomers report that all or most of their future retirement income will come from Social Security, according to a survey by the US Department of the Treasury and Federal Reserve Banks.
Commonwealth Financial Network has released a fee-based 401(k) platform, giving advisers access to about 12,000 funds, including no-transaction fee funds, load-waived funds, institutional funds and exchange-traded funds.
Securities fraud class actions decreased by 38% in 2006, falling from 178 filings in 2005 to just 110 in 2006 - the lowest ever recorded in a calendar year since the adoption of the Public Securities Litigation Reform Act (PSLRA) of 1995.
Merrill Lynch has launched a new 2007 Focus on Growth bonus program for its 15, 700 financial advisers, through which its advisers will be eligible to receive payouts equal to as much as 30% of their revenue.
The New York Stock Exchange and the Nasdaq will be shut down January 2 for a national day of mourning for the death of former President Gerald Ford, but The Depository Trust&Clearing Corporation (DTCC) said it would still clear and settle trades from earlier market activity.
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.
Evergreen Investments, a unit of Wachovia Corporation, agreed to pay a $4.2 million civil penalty to settle National Association of Securities Dealers (NASD) allegations that it adopted improper mutual fund sales methods.