This is the fifth of several posts detailing the CFP Board enforcement process. This post will focus on the rules regarding a Petition for Fitness Determination.
Tagged with "litigation"
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CFP Board Enforcement Process: Petition for Fitness Determination
Posted on July 21st, 2020 at 3:36 PM
Hedge Funds Ineligible for Paycheck Protection Program Loans
Posted on April 27th, 2020 at 5:12 PM
The Paycheck Protection Program (“PPP”), which was supposed to provide forgivable loans to small businesses, has come under fire after it came to light that large, publicly traded companies had received loans through the program. Potbelly, Shake Shack and Ruth’s Hospitality Group, the parent company of Ruth’s Chris Steak House, eventually announced they would return the loans after facing public backlash. Potbelly and Shake Shack each received $10 million from the PPP, while Ruth’s Hospitality Group received $20 million.
Class Action Lawsuit against Wells Fargo Will Proceed
Posted on April 23rd, 2020 at 4:54 PM
In a class action lawsuit filed against Wells Fargo for its role in an alleged Ponzi scheme, a judge ruled that Plaintiffs had alleged sufficient facts to support two of their claims. Plaintiff’s claims that Wells Fargo aided and abetted fraud and also aided and abetted a breach of fiduciary duty will be allowed to proceed. A third claim alleging negligence by Wells Fargo was dismissed.
Annuity Companies Hasten to Protect Their Bottom Line in the Wake of Market Conditions
Posted on April 22nd, 2020 at 4:42 PM
In the wake of the volatility in the market and other effects of the global pandemic, annuity suppliers are struggling to update their annuities – meaning make them more favorable because annuity purchasers received too good a deal the first time around. The market volatility and low treasury rate necessitate annuity repricing. In the current environment, changes are happening so fast that many insurance carriers have had to suspend the sale of annuities in order to give them enough time to make changes to the annuity policies.
Morgan Stanley Vows to Remediate Client Losses Due to System Outage
Posted on April 7th, 2020 at 2:33 PM
As detailed in an earlier post in the Eccleston Law Blog, Morgan Stanley Wealth Management experienced a system outage on March 25. According to Morgan Stanley, the outage, which lasted roughly 4 and a half hours, was caused by a bug in third-party software. During the outage, Morgan Stanley brokers were able to place trades via a back-up system. However, the back-up system was slower than the normal system.
FINRA Suspends Broker for 2 years for Cheating on Exams
Posted on March 25th, 2020 at 4:30 PM
Smart Steps Advisors Need To Take To Steer Clear Of Legal Trouble
Posted on March 2nd, 2020 at 1:27 PM
If you're lucky, you'll go your entire career without facing litigation. But even the most diligent advisors can get ensnared in legal trouble.
President Trump’s Memo is Unclear on Directive to Delay DOL Fiduciary Rule
Posted on February 7th, 2017 at 9:19 AM
President Trump has sent a memo regarding the Department of Labor’s fiduciary duty rule.
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