The New York State Insurance Department is proposing a rule requiring more transparency about how the sellers of insurance products are compensated.
Tighter regulation on investment banks will force firms to cut salaries, eliminate staff and reduce capital commitments to the business, according to research from JPMorgan Chase & Co.
The Financial Industry Regulatory Authority Inc. last week barred two brokers in separate actions, charging that they ran Ponzi schemes that victimized dozens of investors, including the elderly or mentally and physically disabled.
So much rides on the meaning of “fiduciary,” a word alien to the vast population and, at least until recently, to a good part of the financial world.
Securities and Exchange Commission Chairman Mary L. Schapiro last week issued an open letter to broker-dealer chief executives, warning them to make sure supervisors are vigilant about conflicts of interests as they recruit registered representatives.
An Alabama bank is suing University of Michigan football coach Rich Rodriguez for defaulting on a real estate loan — but his adviser claims that the coach was the victim of a Ponzi scheme.
President Barack Obama's plan to recast how the government regulates Wall Street could be thrown a curve this fall if Sen. Tim Johnson, a Democrat whose home state is a major hub for credit card companies, takes over the chairmanship of the Senate's banking committee.
A bill that would continue to allow investors in Section 529 college savings plans to make two changes each year to their investment allocations appears unlikely to pass the House anytime soon, industry and Washington insiders say.
Two agencies with oversight of the financial markets are trying to coordinate their regulations to eliminate differences involving similar types of investments and instruments
If only you had read my column a year ago and resigned, as I suggested, you could have been enjoying yourself this summer rather than be dealing with an ever-widening mess.
A federal judge gave final approval to a $75 million settlement between Merrill Lynch and employees who sued the New York-based brokerage house in 2007 to recover losses they sustained from holding Merrill company stock in their retirement plans.
A widow yesterday filed an arbitration claim with the Financial Industry Regulatory Authority Inc. against Ameriprise Financial Services Inc., alleging that a broker there failed to properly advise her aged husband on a variable annuity purchase and botched a beneficiary designation.
A 77-year-old retired securities attorney and his wife are taking Nuveen Investments Inc., Merrill Lynch & Co. Inc., Citigroup and others to court over $2 million in losses they claim to have suffered from investing in auction rate securities.
The first lawsuit over the sale of allegedly fraudulent notes issued by Medical Capital Holdings Inc. was filed last week, and more look likely to come.
Money market mutual funds would benefit from a federal program to guard against the risk of illiquidity in the markets, analysts yesterday at the first Money Fund Symposium in Providence, R.I.
A federal judge in Chicago last week threw out a $1 billion lawsuit that accused AIG of committing fraud against insurance carriers in a workers' compensation pool.
Although members of the insurance industry and some broker-dealer executives are butting heads with state regulators on tougher annuity regulation, financial advisers cheered the proposed use of Finra-esque suitability layers for all annuity sales.
Finra isn't backing down from its position that it has jurisdiction over broker-dealers' financial planning activities.
Finra has expelled an investment firm in Southfield, Mich., for inappropriate practices that occurred in its retail foreign-currency business and repeated violations of registration and related rules, according to a statement.
Legitimate offshore banking by wealthy Americans may be the next casualty of the UBS AG tax evasion case.
