Posts belonging to Category Fidelity
Posted by Page PerryonJuly 29, 2009
The Securities Industry and Financial Markets Association, an important Wall Street lobbying group, has decided to support the Obama administration’s proposal to hold brokers to the same standard as a fiduciary when they provide investment advice, according to a recent report in The Wall Street Journal. While investors who sue their brokers have long argued, […]
Categories: Ameriprise, Bank of America, Bear Stearns, Brokerage Firms, Charles Schwab, Citigroup/Smith Barney, Credit Suisse, Deutsche Bank, Fidelity, Goldman Sachs, Investment Advisers, J. P. Morgan Chase, Legg Mason, Lehman Brothers, LPL Financial, Market Developments, Merrill Lynch, Morgan Keegan, Morgan Stanley, Oppenheimer, Raymond James, RBC Dain Raucher, Regulatory Developments, SunTrust, UBS, Wachovia, Wells Fargo
Posted by Page PerryonJuly 1, 2009
Target-Date mutual funds are not always what they appear to be, reports Leslie Wayne in her June 25, 2009 article in the New York Times entitled “Target-Date Mutual Funds May Miss Their Mark.” Target-Date mutual funds are supposed increase the allocation of bonds over time in order to reduce volatility as an investor approaches retirement. […]
Categories: Bonds, Brokerage Firms, Common Securities Broker Abuses, Early Retirement Scams, ERISA Fiduciaries and Claims, Fidelity, Market Developments, Regulatory Developments, Smart Investing Tools
Posted by Page PerryonJune 9, 2009
Evergreen Investment Management Company (“Evergreen”), a unit of Wells Fargo & Co., has agreed to pay more than $40 million to settle an enforcement action by the Securities and Exchange Commission (“SEC”) and the Massachusetts Securities Division, according to articles in the Wall Street Journal and Reuters. Evergreen was a subsidiary of Wachovia at the […]
Categories: Brokerage Firms, Charles Schwab, Derivatives, Fidelity, Morgan Keegan, Mortgage Securities & Collateralized Debt Obligation Problems, Regulatory Developments, Securities Class Actions, Wachovia, Wells Fargo
Posted by Page PerryonMay 18, 2009
On May 13, 2009, the U.S. Securities and Exchange Commission (“SEC”) approved a rule change that requires brokers to disclose alleged sales practice violations made by a customer against a securities broker in the body of a civil lawsuit or arbitration claim, even if that broker is not named as a defendant or respondent. The […]
Categories: Ameriprise, Bank of America, Bear Stearns, Brokerage Firms, Charles Schwab, Citigroup/Smith Barney, Common Securities Broker Abuses, Credit Suisse, Deutsche Bank, Early Retirement Scams, Elder Abuses, ERISA Fiduciaries and Claims, Fidelity, Goldman Sachs, Investment Advisers, J. P. Morgan Chase, Legg Mason, Lehman Brothers, LPL Financial, Merrill Lynch, Morgan Keegan, Morgan Stanley, Mortgage Securities & Collateralized Debt Obligation Problems, Oppenheimer, Raymond James, RBC Dain Raucher, Regulatory Developments, Smart Investing Tools, SunTrust, UBS, Variable Annuities and Equity-Indexed Annuities, Wachovia, Wells Fargo
Posted by Page PerryonApril 28, 2009
Fidelity Brokerage Services LLC has had trouble retaining some of the most successful brokers in its Private Client Group as a result of questionable sales practices. According to an article in Investment News, dozens of brokers serving Fidelity’s most affluent clients recently left the firm because, even though they were required to obtain certified financial […]
Categories: Brokerage Firms, Common Securities Broker Abuses, Employment Issues, Fidelity, Variable Annuities and Equity-Indexed Annuities
Posted by Page PerryonNovember 16, 2008
Fidelity Investments, the world’s largest mutual fund company, will lay off 1,300 employees, or 3% of its work force this month. It will also conduct a second round of job cuts in the first quarter of 2009 that is anticipated to impact another 1,700 employees.
Categories: Brokerage Firms, Employment Issues, Fidelity, Market Developments
Posted by Page PerryonSeptember 19, 2008
Yesterday the Financial Industry Regulatory Authority (“FINRA”) announced auction-rate securities settlements with SunTrust Robinson Humphrey, Comerica Securities, First Southwest, and WaMu Investments, Inc.
Categories: Auction Rate Securities, Bank of America, Brokerage Firms, Citigroup/Smith Barney, Credit Suisse, Deutsche Bank, Fidelity, Goldman Sachs, J. P. Morgan Chase, Merrill Lynch, Morgan Stanley, Regulatory Developments, SunTrust, UBS, Wachovia
Posted by Page PerryonSeptember 16, 2008
A settlement, in principle, has been reached between a state auction-rate securities task force and Credit Suisse which would require the investment bank to buy back approximately $550 million in auction-rate securities. In addition, the firm will pay a $15 million fine. The investigation of Credit Suisse was lead by the North Carolina Secretary of […]
Categories: Auction Rate Securities, Bank of America, Brokerage Firms, Citigroup/Smith Barney, Credit Suisse, Deutsche Bank, Fidelity, Goldman Sachs, J. P. Morgan Chase, Merrill Lynch, Morgan Stanley, Regulatory Developments, UBS, Wachovia
Posted by Page PerryonSeptember 12, 2008
Both The Wall Street Journal and The New York Times have reported that New York Attorney General Andrew Cuomo’s office has reached an agreement with Fidelity Investments to resolve problems over Fidelity’s marketing of auction-rate securities. According to sources familiar with the negotiations, Fidelity will apparently repurchase approximately $300 million of auction-rate securities from its […]
Categories: Auction Rate Securities, Brokerage Firms, Fidelity, Regulatory Developments
Posted by Page PerryonSeptember 4, 2008
While regulators have announced tentative settlements with major Wall Street firms (Merrill Lynch, UBS, JP Morgan, Goldman Sachs, Morgan Stanley, Wachovia, Citigroup, and Deutsche Bank) that underwrote auction-rate securities, these settlements have not addressed the situation of thousands of investors that purchased auction-rate securities through smaller brokerage firms. Most of these smaller brokerage firms were […]
Categories: Auction Rate Securities, Brokerage Firms, Citigroup/Smith Barney, Deutsche Bank, Fidelity, Goldman Sachs, J. P. Morgan Chase, Merrill Lynch, Morgan Stanley, Oppenheimer, Raymond James, Regulatory Developments, SunTrust, UBS, Wachovia, Wells Fargo