The independent broker-dealer is paying restitution for failing to waive sales charges for some retirement plans and charitable organizations, according to Finra.
The regulation, which offers states a route to avoid liability under ERISA, took its final step toward finalization.
The laws create the possibility that clients' their long-term-care expenses may be shouldered by their children
Plaintiffs allege the asset management firm populated the retirement plan with proprietary investments for its own gain.
The case, which involved a $9 million plan, was voluntarily dismissed by plaintiffs in an unusual turn of events.
The retirement plan provider joins a list of other financial firms that have settled excessive-fee lawsuits with their own employees.
Regulator is following up on similar rules the SEC put in place for investment advisers.
The asset management firm joins the likes of American Century Investments and New York Life, which were also sued by employees for using proprietary funds in their 401(k) plans.
Employees are suing for alleged self-dealing and fees charged by a company-affiliated index fund, which plaintiffs claim enriched New York Life at the expense of employees' retirement savings.
The Labor Department is increasing payouts for civil penalties related to retirement plans.
