The government recently negotiated spending bill that will keep the government operating until fall 2016 did not contain a provision to halt a Labor Department rule that would raise investment-advice standards for retirement accounts. In a victory for proponents of the DOL rule, legislators' policy riders that would have either prevented or delayed promulgation of the regulation did not make it into the must-pass measure. The fiduciary rule praised lawmakers for... Read More
Stock Market Fraud Attorneys Blog
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Today, U.S. securities and futures regulators announced that JPMorgan Securities LLC and JP Morgan Chase Bank have agreed to pay $307 million to settle charges by the Securities & Exchange Commission (SEC), as well as other regulators, that the bank failed to disclose it was steering advisory clients to proprietary products, including the firm's own proprietary mutual funds, to obtain higher fees.
The investment advisory business and the nationally chartered bank will pay $267... Read More
The SEC has announced fraud charges against, and taken steps to freeze the assets of, Oxford City Football Club Inc., a Florida-based penny stock company that has falsely touted itself as “The largest publicly traded diversified portfolio of professional sports teams in the world.”
According to the SEC press-release, Oxford City Football Club Inc. “used pressure tactics and a boiler room of salespeople to raise more than $6.5 million from primarily inexperienced investors who were... Read More
In a terrible turn of events for individual investors, republican lawmakers are pushing legislation to replace the Department of Labor Fiduciary or "Best Interest" rule by tying it to the government spending bill and effectively killing the current proposal that has been in the works for nearly five years.
Read the full article here: http://www.investmentnews.com/article/20151202/FREE/151209976
The experienced securities litigation attorneys at Colling Gilbert Wright &... Read More
On Tuesday, the Tenth Circuit declined to review a decision granting certification to a class of investors alleging Oppenheimer Funds, Inc. invested money in its California mutual bond fund in junk bonds. In so doing, the court rejected arguments that class certification will force them to settle the investors’ claims. A three-judge panel denied Oppenheimer’s petition for permission to appeal U.S. District Judge John L. Kane’s October order granting class certification to over 50,000... Read More
As much as they tried, JP Morgan Chase could not get a suit claiming the banking giant misrepresented the quality of loans in a $1.9 billion mortgage-backed securities trust. The NY appellate court said the firm guaranteed information that later turned out to be inaccurate.
the Court affirmed a November 2013 lower court ruling that allowed investors to pursue claims against GE Capital Corp. subsidiary WMC Mortgage LLC, which originated the loans in the pool, and JPMorgan subsidiaries... Read More
Barclays Capital, Inc. has agreed to pay a $1 million fine to settle Financial Industry Regulatory Authority (FINRA)claims that the firm issued flawed data on a bond index it published and then failed to fix for months after discovering the problem.
According to FINRA complaint, Barclays' published inaccurate coupon return information for a bond index, known as the Pan Euro... Read More
On Friday, the U.S. Securities and Exchange Commission (SEC) announced it may have a new proposal for implementing the Dodd-Frank Act’s limits on incentive compensation at financial institutions. The 2010 financial reform law mandated that the SEC, along with five other federal banking, credit union and housing regulators, implement rules that require banks and other financial institutions set up deferred compensation schemes that both reward executives for good conduct that both benefits... Read More
Today Barclays PLC was handed an additional $150 million penalty by New York regulators and as part of the settlement, fire one of its top traders. The actions comes over allegations that a system intended to block unprofitable foreign exchange trades was used to increase the giant UK bank’s profits at the expense of its clients.
This latest fine, levied by the New York Department of Financial Services (DFS), against the bank represents the second time that regulators have gone after... Read More
Puerto Rico doesn't’t look as if it’s on the verge of economic disaster. Tourists are still flocking to its beach resorts. Malls, anchored by department stores like Macy’s and JCPenney, are full of shoppers. At rush hour, roads are clogged with late-model luxury SUVs. But after years of borrowing to prop up the island’s stagnant economy, the Puerto Rican government faces $720 million in debt payments over the next two months and could run out of cash as... Read More