Breach of Fiduciary Duty
Representing Investors Nationwide
A record $74 billion flowed into taxable bond funds in May and was the primary force behind the second straight month of positive flows into mutual funds and exchange-traded funds. According to Morningstar, long-term mutual funds and ETFs, which excludes money market funds, experienced $33 billion in net inflows last month, in stark contrast to March’s record $326 billion in net outflows. The reduced market volatility in May also reduced flows into money market funds. But money market funds have still taken in $1.1 trillion so far this year.
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UBS Financial Services, Santander Securities, Popular Securities and Oriental Financial Services are financial services companies that enjoy a strong presence in major markets throughout the world. These firms allegedly encouraged clients to take concentrated positions in Puerto Rican bonds closed-end municipal bond funds.
An article published yesterday (July 17, 2017) in InvestmentNews, reveals two House panels are poised to launch assaults on the Labor Department's fiduciary rule. One is a vote on a bill to kill Labor's rule and replace it with a disclosure-based best-interest standard, while another will take up legislation to prevent funding for enforcement of the regulation. As it usually plays out, if successful, Wall Street wins and individual investors again lose. Gone will be the newly enacted protections so badly needed in an industry characterized by systemic conflict and greed.
The U.S. Department of Labor scored a second victory in its efforts to defend its so-called fiduciary rule against a myriad of challenges when a Kansas federal judge on Monday denied an insurance agency’s bid to halt the rule. U.S. District Judge Daniel D.