In its annual report on its enforcement actions, the Securities and Exchange Commission disclosed that it obtained orders for $8.2 billion in financial remedies in fiscal year 2024, the highest amount in SEC history. The results, detailed by AdvisorHub, showed that...
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Firm News
Vanguard to pay $40 million to settle target-date funds lawsuit
A settlement has been reached in a class-action lawsuit filed by a group of investors against Vanguard Group, reports ThinkAdvisor. The details were disclosed in a federal court in Philadelphia last week. Vanguard has agreed to pay $40 million to settle the suit that...
SEC announces charges, $151 million penalties against JPMorgan affiliates
The Securities and Exchange Commission has announced that J.P. Morgan Securities LLC (JPMS) and J.P. Morgan Investment Management Inc. (JPMIM), both affiliates of JPMorgan Chase & Co., will pay a combined $151 million to resolve a series of enforcement actions...
Arbitrators order RBC to pay $9.7 million in age discrimination case
A panel of Financial Industry Regulatory Authority arbitrators Issued their award in an age discrimination claim against RBC Capital Markets, reports Wealth Management. Minnesota-based advisor Cinda Collins alleged that the firm discriminated against her due to her...
Chicago-based Hightower Holdings drops claim against former advisor
Chicago-based Hightower Holdings has withdrawn a complaint and a request for an injunction against a former financial advisor, WealthManagement reports. Hightower had filed a lawsuit in Illinois federal court in March against Lars Knudsen from Washington state,...
