Charles Schwab Corp. has dropped a fight to require customers to waive their rights to participate in class action lawsuits, the company said on Thursday. Schwab, the San Francisco-based pioneer discount brokerage, has agreed to pay $500,000 to the Financial …
LPL Financial LLC must pay a total of $9 million for significant email system failures and making misstatements to Wall Street’s watchdog, the regulator said on Tuesday. LPL, an affiliate of LPL Financial Holdings Inc., agreed to a fine of …
U.S. securities arbitrators ordered a former employee of Merrill Lynch, Deutsche Bank and Oppenheimer & Co. to pay nearly $11 million to an investor who alleged the broker misrepresented securities and made excessive trades. The investor’s case against former broker …
U.S. securities arbitrators ordered Deutsche Bank Securities Inc. to pay a couple and their trusts a total of $934,000 after a onetime adviser allegedly swindled them in a multimillion-dollar insurance deal. The ex-adviser, Karl Hahn, is equally responsible for the …
A series of victories by Morgan Keegan & Co. is calling into question who can be considered a “customer” in securities arbitration cases. Most recently, a case involving a partner in the Lion Fund, a hedge fund, led to an …
For years, Craig McCann played a prominent role as a top expert witness, his testimony helping to win millions of dollars for investors who sued financial companies. As those victories piled up, brokerages went to war on his credentials, and …
Wall Street’s own watchdog filed a complaint against Charles Schwab Corp. on Wednesday accusing the online brokerage of requiring customers to waive their rights to pursue class actions against the firm, a violation of industry rules. The Financial Industry Regulatory …
If the Federal Bureau of Investigation turns up evidence that MF Global Holdings Ltd improperly mixed customer accounts and its own funds, it would still be difficult to prosecute the firm’s CEO, Jon Corzine, on criminal charges, legal experts said. …
