McCann Sues BofA, in Talks with UBS
Robert McCann, the former head of wealth management at Merrill Lynch & Co., sued Bank of America Corp. (BofA) in a dispute over his non-compete clause, according to...
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BofA, SEC Defend Proposed Settlement
The Securities and Exchange Commission (SEC) and Bank of America Corp. yesterday defended their proposed $33-million settlement over executive bonuses paid to Merrill Lynch executives.
Court Ends Last Backdating Suit against UnitedHealth
A federal judge approved a $17-million settlement in a stock-drop case against UnitedHealth Group.
Prudential Offers Consumer-Focused Annuity Site
Prudential Annuities said its new Web site educates consumers about variable annuities in language that makes sense.
Mercer Says Plan Limits Could Drop
Plan sponsors might want to prepare for the possibility of retirement plan limits dropping for 2010, Mercer said.
Aon Names Spano to Consulting Post
Aon Consulting Worldwide has appointed Martha Spano as a senior vice president and Central West Coast regional leader for Aon Investment Consulting in the Los Angeles office.
Security Mutual Releases Retirement Plan Guide for Advisers
Security Administrators, Inc., a subsidiary of Security Mutual Life Insurance Company, introduced a guide about fully insured plans and cash balance plans.
MetLife B/D Reaches Out to Smaller Accounts
The MetLife Broker-Dealer Group unveiled an automated advisory product to capture emerging investors, or those investors with as little as $10,000 to invest.
Prudential Updates 'Highest Daily' Annuity Optional Benefits
Prudential Annuities said it adjusted its annuity optional benefits, which allow investors to “lock in” the highest daily value of their annuity contract each day the market is...
HSBC Enters European ETF Market
HSBC will launch Tuesday the HSBC FTSE 100 ETF, the bank's first European exchange-traded fund (ETF).
Former MSSB Advisers Start Independent Firm
Three former representatives of Morgan Stanley Smith Barney (MSSB) have left the firm to form Three Bridge Wealth Advisors in Menlo Park, California.
Morgan Stanley Reportedly Pondering Van Kampen Deal
Reuters, quoting anonymous sources, said discussions about a deal for all or a portion of Van Kampen are at an early stage.
A New Name for the DJIA?
The Dow Jones Industrial Average (DJIA), long an iconic measure of the stock market’s performance, may soon have a new name.
QVC Workers Cry Foul Over 401(k) Probe
QVC employees fired over alleged irregularities in their 401(k) withdrawals said they were treated unfairly.
Fund Flows Have Fourth Good Month
July was the fourth consecutive month in which long-term fund flows equaled or surpassed $50 billion, according to Strategic Insight (SI), an Asset International company and sister company...