investment advisor liability News

Going to Court Over Losses When Robot Is to Blame

Robots are getting more humanoid every day, but they still can’t be sued. So a Hong Kong tycoon is doing the next best thing. He’s going after the salesman who persuaded him to entrust a chunk of his fortune to …

Federal Appeals Court Sides with Financial Firms, Voids Obama Fiduciary Rule

A federal appeals court on Thursday voided the U.S. Department of Labor’s “fiduciary rule,” which had been adopted in 2016 under the Obama administration to curb conflicts of interest among providers of financial advice to Americans planning for retirement. The …

JPMorgan Not Liable to Madoff Customers, Court Rules

JPMorgan Chase & Co. is not liable to a group of former customers of Bernard Madoff who blamed the bank for being actively involved in his Ponzi scheme and ignoring red flags of fraud, a federal appeals court ruled on …

Wall Street Brokers Claim Fiduciary Rule Is Violation of Their Free Speech Rights

A group of lawyers representing insurance and securities brokerages have made a curious argument for why a federal court should kill a rule aimed at protecting retirement savers: It restricts Wall Street’s First Amendment rights. In front of a packed …

Judge Allows NFL Player’s Fraud Claims Against BofA to Proceed

National Football League player Dwight Freeney can proceed with his lawsuit alleging that Bank of America Corp. was complicit in a fraud scheme that caused him to lose more than $20 million and forced his Rolling Stone restaurant to close. …

Zurich Upgrades Coverage for Asset Managers as Regulatory Risk Grows

Zurich North America has revised its liability policy for investment advisers, mutual fund and hedge fund managers. Zurich says it has made the changes in response to a rise in regulatory risk fueled by new investigative approaches used by the …