Pension Fund Says Hedge Fund Manager Duped Investors
A lawsuit filed by the Massachusetts Bay Transportation Authority (MBTA) pension fund claims New York investment manager Alphonse Fletcher Jr. defrauded investors of $50 million.
Tag: Lawsuits
Case Shows Importance of Keeping Documents
A federal district court in northern Indiana ruled a retirement plan sponsor must pay nearly $4,500 in penalties for failing to provide historical, plan-related documents.
Court OKs Asset Restoration for Mass. Plan
The Department of Labor (DOL) won judgment from a federal district court to have funds restored to a retirement plan based in Ayer, Massachusetts.
SEC Orders Former Pru Broker to Cough Up $763K
Frederick J. O’Meally had a final judgment entered against him by a federal court in New York stemming from an action filed by the Securities and Exchange Commission...
Settlement Resolves DOL’s Madoff Suit
A $220 million settlement agreement resolves a lawsuit brought by the Department of Labor against four investment management firms.
Pension Funds’ Securities Fraud Suit Revived by Appellate Court
The 2nd U.S. Circuit Court of Appeals reversed a lower court’s dismissal of a securities fraud lawsuit brought by four pension funds.
N.Y. Insurance Broker Groups Appeal Compensation Ruling
Two New York insurance agent and broker groups appealed a judge's decision upholding a state regulation that requires producers to disclose incentive compensation.
IMHO: “Smoke” Signals
Plan sponsors spend a lot of time wondering—and worrying—about the “right” way to do things.
NY State Fund Sues BofA, Merrill
New York state Comptroller Thomas DiNapoli has filed separate suits against Bank of America (BofA) and its Merrill Lynch unit for losses connected with BofA’s purchase of Merrill...
Canadian Couple Charged with Tweet-touting Fraudulent Penny Stocks
The Securities and Exchange Commission (SEC) has obtained an emergency asset freeze against two Canadians who advertised fraudulent penny stocks online.
NM Fund Ponders Aldus Lawsuit
The New Mexico Educational Retirement Board has hired two law firms to represent the teachers’ pension fund in a planned lawsuit against a Dallas money management firm.
Stock Drop Settlement on the Table for Boston Scientific
There’s a potential settlement in sight for participants in a 401(k) stock drop suit.
investment-oriented
Hard to Fit
Despite interest by clients, ETFs are not a slam dunk in retirement plans
SEC Announces Distribution of Prudential Market-Timing Settlement
The Securities and Exchange Commission (SEC) has announced a distribution of nearly $185 million to more than 800 mutual funds that were affected by illegal market timing by...
Securities Class Actions on the Rise
The value and number of securities class-action settlements increased in 2009 from 2008, according to "Securities Class Action Settlements: 2009 Review and Analysis," an annual report by Cornerstone...
cover story
The Path Ahead
Plan sponsors want more fee disclosure, and regulators will likely require it soon. That is both a threat and an opportunity for advisers.
Wells Fargo Agrees to $1.4M Buyback of ARS
California Attorney General Edmund G. Brown Jr. announced a $1.4-billion settlement with three Wells Fargo affiliates to pay back investors, charities, and small businesses that purchased auction-rate securities...
SEC Hits Schwab with Wells Notice over Bond Funds
Charles Schwab has been notified by the U.S. Securities and Exchange Commission (SEC) that it could be the target of an SEC civil suit.
Madoff Victims Sue SEC
Two investors are pointing their fingers at the U.S. government for failing to stop Bernard Madoff’s giant Ponzi scheme.