Tagged with "settlement"

Court Approves $54 Million Settlement Between Comerica and Ponzi Scheme Investors

Posted on September 15th, 2021 at 3:59 PM
Court Approves $54 Million Settlement Between Comerica and Ponzi Scheme Investors

A California federal judge has initially approved a $54.2 million agreement between Comerica Bank and a class of about 8,000 investors, who accused the bank of abetting a Ponzi scheme by Woodbridge Group. Nearly 61% of the class are members of the Woodbridge Liquidation Trust while the rest are individual investors, according to the motion for approval.

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FINRA Hits Robinhood with $70 Million Settlement over Supervisory Failures

Posted on July 14th, 2021 at 1:18 PM
FINRA Hits Robinhood with $70 Million Settlement over Supervisory Failures

The Financial Industry Regulatory Authority (FINRA) has finalized a record $70 million settlement with Robinhood Financial over widespread supervisory failures and outages.

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Purshe Kaplan to Pay $1.6 Million Settlement

Posted on April 14th, 2021 at 10:06 AM
Purshe Kaplan to Pay $1.6 Million Settlement

Purshe Kaplan Sterling Investments Inc., agreed to pay 50 clients who had filed arbitration claims with the Financial Industry Regulatory Authority (FINRA). 

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Goldman Sachs Agrees to Pay $2.9 Billion to Settle Criminal Case Related to 1MDB

Posted on October 27th, 2020 at 4:07 PM
Goldman Sachs Agrees to Pay $2.9 Billion to Settle Criminal Case Related to 1MDB

Goldman Sachs agreed to pay $2.9 billion to settle a criminal investigation brought by federal prosecutors.

 

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Sabra Capital Partners Agrees to Settle SEC Charges that it Misled Investors

Posted on September 30th, 2020 at 2:30 PM
Sabra Capital Partners Agrees to Settle SEC Charges that it Misled Investors

Sabra Capital Partners, and its managing partner Zvi Rhine, settled charges brought by the U.S. Securities and Exchange Commission (“SEC”) that the firm defrauded investors by concealing losses in a hedge fund the firm manages.

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Morgan Stanley Agrees to Settle FINRA Charge of Failure to Supervise

Posted on August 24th, 2020 at 10:04 AM
Morgan Stanley Agrees to Settle FINRA Charge of Failure to Supervise

Morgan Stanley Wealth Management has reached an agreement with the Financial Industry Regulatory Authority (“FINRA”) to settle charges relating to alleged supervisory failures.

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Wawa to Pay $21.6 Million to Settle ESOP Lawsuit

Posted on July 15th, 2020 at 3:35 PM
Wawa to Pay $21.6 Million to Settle ESOP Lawsuit

Convenience store chain Wawa has agreed to pay $21.6 million to settle a 2018 class-action lawsuit regarding the company’s employee stock option plan (“ESOP”).  The settlement is still pending court approval. Wawa previously paid $25 million to settle a class-action lawsuit in 2016 that involved similar allegations relating to Wawa’s ESOP.

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MetLife Agrees to Pay $84 Million to Settle Class Action

Posted on June 11th, 2020 at 2:04 PM
MetLife Agrees to Pay $84 Million to Settle Class Action

MetLife has agreed to pay $84 million to settle class action claims that it underreported life insurance death benefit liabilities and misled investors. The settlement concludes eight years of litigation, which included multiple formal mediation sessions. The original complaint was filed in 2012, and the class was certified in 2017. The class of plaintiffs includes investors who acquired MetLife common stock during certain offerings in 2010 and 2011.

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Franklin Templeton Settles 401(k) Class-Action Lawsuit for $14 Million

Posted on February 25th, 2019 at 3:59 PM
Franklin Templeton Settles 401(k) Class-Action Lawsuit for $14 Million

Franklin Templeton Investments has agreed to pay approximately $14 million to settle a 2016 class-action lawsuit filed in the U.S. District Court for the Northern District of California.

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Morgan Stanley Agrees to Pay the New Hampshire Bureau of Securities Regulation $1 Million to Settle Churning Allegations by an Ex-Broker

Posted on December 21st, 2018 at 9:44 AM
Morgan Stanley Agrees to Pay the New Hampshire Bureau of Securities Regulation $1 Million to Settle Churning Allegations by an Ex-Broker

Morgan Stanley and the New Hampshire Bureau of Securities Regulation have reached a $983,000 settlement agreement stemming from allegations of the firm's failure to supervise ex-broker, Justin Amaral for excessive trading and other unauthorized activities in three client accounts.

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LATEST NEWS AND ARTICLES

October 20, 2021
5 First-of-Their-Kind SEC Enforcement Actions Announced

Securities and Exchange Commission (SEC) Enforcement Director Gurbir Grewal recently discussed notable first-of-their-kind enforcement actions that his division has pursued.

October 19, 2021
FINRA Targets SPACs in Most Recent Exam Sweep

The Financial Industry Regulatory Authority (FINRA) has begun an examination sweep of advisors’ involvement with special purpose acquisition companies (SPACs).

October 18, 2021
SEC’s Statement on Complex Exchange-Traded Products

The Securities and Exchange Commission (SEC) recently voted to approve a pair of rule changes proposed by Cboe BZX Exchange, Inc. to list and trade shares of new exchange traded-products: the 2x Long VIX Futures ETC and the -1x Short VIX Futures ETF.