Legal News Articles - Securities
September 29, 2017. By Gordon Gibb.
Washington, DC: A former executive with a real estate investment trust who brought an SEC whistleblower lawsuit against his former employer has seen his case mushroom into a debate over protections for whistleblowers couched in the Dodd-Frank Act and the Sarbanes-Oxley Act. Also debated within the lawsuit, which has since been elevated to the US Supreme Court, is the relationship between the various provisions within Dodd-Frank / Sarbanes-Oxley, and those within the Securities and Exchange Commission (SEC).Read [ Is Fired Executive’s Case an SEC Whistleblower Lawsuit? Supreme Court to Decide ]
September 20, 2017. By Anne Wallace.
Washington, DC:. Insiders with information about securities fraud should know three important things before filing an SEC fraud whistleblower lawsuit:Read [ SEC Fraud Whistleblower Lawsuits Fly under the Radar ]
July 19, 2017. By Lucy Campbell.
Santa Clara, CA: Sears Holding is facing an Employee Retirement Income Security Act (ERISA) class action lawsuit filed by employees who allege the company used its own stock as an investment option in the 401(k) plan, despite knowledge that the company was in in “extremely poor financial condition.”Read [ Sears Facing 401K Class Action Lawsuit ]
June 7, 2016. By Heidi Turner.
Washington, DC: Morgan Stanley has been ordered to pay $8.6 million in a stockbroker arbitration claim that alleged unauthorized trading. The award was given to Denis Doyle, who filed the Financial Industry Regulatory Authority (FINRA) arbitration after his accounts experienced a drastic decline in value. Although FINRA typically does not comment on its rulings, according to The Wall Street Journal (6/3/16), the panel cited financial elder abuse when it awarded $2 million in punitive damages.Read [ Morgan Stanley Ordered to Pay $8.6 Million ]
April 15, 2016. By Heidi Turner.
San Francisco, CA: California’s Attorney General Kamala Harris has filed a securities lawsuit against Morgan Stanley, related to mortgage-backed securities sold by Morgan Stanley. The lawsuit alleges Morgan Stanley failed to disclose important information about the quality of the investments, causing various state pension funds to lose hundreds of millions of dollars.Read [ California Files Securities Lawsuit against Morgan Stanley ]
February 17, 2016. By Heidi Turner.
Washington, DC: The Financial Industry Regulatory Authority (FINRA) has barred two brokers from the securities industry after finding the brokers guilty of fraud related to their sale of the Prestige Wealth Management Fund, LP. The brokers reportedly consented to the entry of FINRA’s findings but neither admitted nor denied the claims of stockbroker fraud.Read [ FINRA Bars Two Stockbrokers ]
January 25, 2016. By Heidi Turner.
Simi Valley, CA: In the wake of an E. coli outbreak and a norovirus outbreak, Chipotle faces a securities lawsuit and other lawsuits alleging the company attempted to hide the outbreak and misled investors about the nature of its sanitation procedures. This is in addition to a criminal investigation linked to the foodborne illness outbreak in Simi Valley.Read [ Chipotle Faces Securities Lawsuit, among Others ]
December 10, 2015. By Heidi Turner.
West Palm Beach, FL: A FINRA arbitration panel has ordered a securities firm, the founder of the firm and a broker to pay almost $2 million to investors who alleged they were victims of stockbroker fraud and churning. The Financial Industry Regulatory Authority (FINRA) issued the ruling after investors claimed the firm, its founder and a broker violated the Florida Uniform Fraudulent Transfer Act.Read [ FINRA Orders $1.9 Million Paid to Victims of Stockbroker Fraud ]
November 14, 2015. By Heidi Turner.
New York, NY: A recent car recall has led to a securities fraud lawsuit being filed against an automaker. The lawsuit, filed against Fiat Chrysler, alleges the company made false and misleading statements linked to its securities.Read [ When a Car Recall Leads to a Securities Lawsuit ]
October 29, 2015. By Heidi Turner.
Washington, DC: The Financial Industry Regulatory Authority (FINRA) has ordered more fines be paid out linked to the sale of Puerto Rico bonds. The fines were handed out after allegations were made that certain financial institutions failed to properly supervise employees trading bonds in Puerto Rico and allegedly downplayed the risks associated with the bonds. Additionally, FINRA has handed out other fines linked to stockbroker fraud in its stockbroker arbitration hearings.Read [ FINRA Orders More Fines Linked to Puerto Rico Bonds ]