Nearly three years after he was thrown out of the securities industry, the adviser has filed another appeal.
ERISA attorneys say the judge's decision was a complete rebuke of classic arguments in excessive-fee suits, and could provide fodder for the defense in future trials.
One attorney called the lawsuit an "attack" on the investment-management structure within variable annuities.
The plaintiffs argued that the company provided a money market fund instead of a stable value fund and paid excessive record-keeping fees to Vanguard Group, among other wrongdoings.
The wirehouse now joins a growing list of other financial-services companies sued for similar reasons.
The depth and breadth of the new DOL fiduciary rules requires all firms to consider outsourcing aspects of their practices and/or adding new technology.
The suit, not brought by Jerry Schlichter's law firm, could signal a 'race to the courthouse' in the university 403(b) market.
Attorneys, ever present in the 401(k) market, are beginning to target university 403(b) plans. These lawsuits follow close on the heels of ones against MIT, NYU and Yale.
Another financial services company has been targeted for costly proprietary investments in its 401(k) plan, leading to allegations of self-dealing at the expense of employees.
Allianz, Voya, Symetra and Lincoln Financial are forging ahead into virtually uncharted waters for product development.
The adviser boycotted her enforcement hearing, but that may not stop the regulator from throwing her out of the securities industry.
The insurer joins other financial services companies such as Ameriprise and Principal, who've detailed rising compliance costs associated with the regulation.
Treasury Department's proposed regulation aims to curb tax-planning approaches that lower the valuation of stakes in corporations or partnerships.
The expense speaks to the difficulty broker-dealers are facing to comply with the controversial new regulation.
The agency is particularly interested in conflicts of interest where the adviser is also a broker-dealer or affiliated with a broker-dealer that gets fees from sales of particular share classes.
The Labor Department needs to provide additional guidance regarding these irregularities in time for advisers to plan accordingly.
The suits against NYU and Yale are especially significant because they're the first regarding university 403(b) plans.
Because platform initially will be offered through B-Ds, firm doesn't see it undercutting plan advisers' business, though it has considered going direct to plan sponsors.
The blurred line between retirement and non-retirement advice means advisers must be very careful when providing any financial services.
In today's regulatory environment, every adviser is guilty until proven innocent.
