LPL Financial LLC must pay a total of $9 million for significant email system failures and making misstatements to Wall Street’s watchdog, the regulator said on Tuesday. LPL, an affiliate of LPL Financial Holdings Inc., agreed to a fine of …
Charles Schwab Corp. has temporarily reversed its requirement that clients waive their right to bring class-action lawsuits, adding a new twist in a battle closely watched by the securities industry and plaintiffs’ attorneys. “Effective immediately, Schwab is modifying its account …
U.S. securities arbitrators ordered a former employee of Merrill Lynch, Deutsche Bank and Oppenheimer & Co. to pay nearly $11 million to an investor who alleged the broker misrepresented securities and made excessive trades. The investor’s case against former broker …
A series of victories by Morgan Keegan & Co. is calling into question who can be considered a “customer” in securities arbitration cases. Most recently, a case involving a partner in the Lion Fund, a hedge fund, led to an …
The U.S. Supreme Court declined to hear an appeal of a ruling that the Financial Industry Regulatory Authority (FINRA) had immunity from a private lawsuit over the 2007 deal that created the Wall Street regulator. The justices on Tuesday let …
