To Appeal or Not to Appeal? SEC Feels Heat Over Pro-FPA Court RulingApr 26, 2007,By John Churchill The SEC is feeling lobbyist pressure from both sides as it prepares to either appeal or let stand the March 30th ruling by a Federal Court of Appeals that vacated the “Merrill Lynch” rule.... Hydie Sumner Fired by WachoviaApr 26, 2007,By Halah Touryalai Hydie Sumner’s ongoing battle with Wall Street took a new twist on Wednesday. It’s been ten years of legal wrangling with her former employer, Merrill Lynch. But today it’s another firm at the center of the Sumner drama—Wachovia Securities, which fired her yesterday.... Women Win Another Round: Morgan Stanley to Pay $46 million in Gender Discrimination SettlementApr 25, 2007,By Halah Touryalai Wall Street: zero. Women: five. Or is it six? It’s not easy keeping track of the gender discrimination suits filed by female advisors against their firms over allegedly piggish working environments. (Well, wait, it’s not always women filing gender discrimination suits.)... At Last: Pilgrim Baxter Shareholders To Get ‘Market-Timing’ RestitutionApr 23, 2007,By Kevin Burke The SEC said today that it will distribute $125 million to more than 254,000 investors who were harmed by trading abuses in the PBHG Funds. The move is the first in a series of three disbursements from the Fair Fund coffers that will pay out $267 million to over 384,000 affected PBHG Funds shareholders. The payment comes about three-and-a-half years after Spitzer blew the whistle—indicating just how difficult it was to determine who was defrauded out of how much. ... Lawyer Claims U5 Defamation Claim Tossed Before it Was TriedApr 20, 2007,By Kristen French The lawyer for a former Merrill Lynch broker has accused an NASD arbitrator of deciding a key part of the broker’s case before he even had a chance to offer his arguments. ... Chuck Prince: Smith Barney Goin’ NowhereApr 18, 2007,By Halah Touryalai At Citigroup’s three-hour shareholder meeting Tuesday, CEO Chuck Prince made it clear he has no intention of selling Smith Barney.... Annual Goat RodeosApr 18, 2007,By David Geracioti It’s annual meeting season, a time for disgruntled shareholders to confront management face-to-face and let ‘em have it. Yesterday, Citigroup, Smith Barney’s parent, held an apparently long, long, long meeting in an effort to allow shareholders to speak their minds. Indeed, CEO Charles Prince patiently let so many speak that one shareholder in attendance likened the meeting, held at Carnegie Hall in Midtown Manhattan, to a “goat rodeo with individual shareholders run amok.” (Today’s New York Times, registration required.)... Tax Day For Millions of Citizens Is More Like Pay DayApr 17, 2007,By David A. Geracioti Now that most people have put their tax returns in the mail (or applied for extensions), it’s interesting to take a look at who is paying the lion’s share of taxes in the United States. We here at Registered Rep. try to avoid politics (well, except for our ongoing arguments in the newsroom, which pit a free-market libertarian—that’s right singular—against more traditionally “liberal” staffers). Today’s New York Post cites a Congressional Budget Office report that says that “the rich” (defined as the top 40 percent of earners) pay almost all of the personal income tax collected by the U.S. government. The richest 1 percent pay one-third of all personal income tax receipts—a 36 percent increase in their tax burden since 1979.)... Washington Hears National Savings Solutions from Wall Street ExecsApr 16, 2007,By Halah Touryalai It’s not exactly ground breaking news that Americans have a major retirement and savings problem. But next month, a group of Wall Street executives will meet with leaders in Washington D.C. to discuss a game plan to address those problems—saving for education and retirement.... The Cost Of RetirementApr 6, 2007,By Kristen French How much is enough for a comfortable retirement? It’s a vexing question, particularly now that the vast baby boomer cohort is beginning to realize that they could live well into their 80s, 90s and even past 100. ... Surprise! FPA Wins Lawsuit Against SEC and the Broker-Dealer ExemptionMar 30, 2007,By John Churchill The Financial Planning Association will be popping the bubbly tonight. Three years after suing the SEC over the controversial “Broker Dealer Exemption” rule, a federal court has ruled that the SEC exceeded its authority in adopting the rule.... Defamed? Tough Luck. NY Court Says You Can’t Sue Your Firm for U-5 commentsMar 30, 2007,By Halah Touryalai Brokerage firms won a round Thursday in an ongoing battle over what they can and can’t say about departing brokers on their U5 records. In Rosenberg vs. MetLife, the New York Court of Appeals ruled that MetLife had "absolute" privilege over the information it inserted into Rosenberg’s "Form U-5" when he left the firm. Essentially, the decision means that reps cannot sue brokerage firms for allegedly defamatory comments made on U-5 termination forms. ... Ex-Merrill Broker Nabbed in Online Gambling StingMar 29, 2007,By Kevin Burke Fairly or unfairly, gambling and strip clubs have always been associated with slick, fast-talking Wall Street brokers. And while most financial advisors would argue that this is nothing more than an unfortunate stereotype, the headlines continue to suggest otherwise.... Registered Rep.’s Annual Compensation SurveyMar 20, 2007
Today, our subscribers will receive an invitation to fill out Registered Rep. magazine’s annual Compensation Survey. It's confidential and important. You can read a copy of the letter by clicking on the title.... 900 Down, Only a Handful to Go—Merrill Pays One More Female Broker; Separately, Thousands of Female Morgan Stanley Reps May SettleMar 16, 2007,By Halah Touryalai One of the last claimants from the 1997 class-action discrimination lawsuit against Merrill Lynch collected her reward late last month. Separately, Morgan Stanley has confirmed that it settled with over 3,000 claimants but would not comment further. Both sides in the Morgan case expect to file documents to the U.S. District Court for the District of Columbia seeking preliminary court approval for the settlement by April 12 when the settlement terms will be made public.... RBC Goes East, Acquires New Jersey-Based FirmMar 13, 2007,By Halah Touryalai RBC Dain Rauscher is in acquisition mode. The Midwest regional is set to purchase New Jersey-based J.B. Hanauer, an employee-owned firm with $10 billion in assets under management.... NYSE/NASD Merger Attracting LawsuitsMar 12, 2007,By John Churchill A California broker/dealer has sued to stop the merger of the NYSE and the NASD, and the firm is looking for like-minded folks to join its cause.... What’s In a Name? If You Are a Fiduciary, a Lot. But Are CFP Certificants Fiduciaries?Mar 9, 2007,By Christina Mucciolo Financial planners who hold the Certified Financial Planning designation have been tussling with the CFP Board, which controls the CFP designation, over the designation’s ethical standards. Well, it looks like the tussling will continue.... The Legal Battle That Just Keeps On GoingMar 9, 2007
It’s not exactly on the scale of the Hundred Years War (which actually lasted 116 years), but legal battles of Hydie Sumner, the former broker who won $2.2 million from Merrill Lynch in a discrimination lawsuit, just don’t seem to end.... LPL’s Got ‘Bank.’ What’s Next? An IPO?Mar 8, 2007,By Halah Touryalai LPL’s acquisition last week of three Pacific Life Insurance Company broker/dealers was just one more step in its quest to for a successful sale of the company or initial public offering.... SEC Cracks Insider-Trading RingMar 1, 2007,By Halah Touryalai The SEC has charged 14 individuals—including employees of UBS and Morgan Stanley—with participating in two insider-trading schemes that generated at least $15 million in illegal profits.... A Market Sell Off? What Market Sell Off?Feb 28, 2007,By Stan Luxenberg When the market dives, that’s when hedge funds—well, those true to their name—are supposed to earn their money. That’s because many hedge funds are designed to avoid big losses and make money nearly every year using low-correlating absolute-return strategies. Lately mutual funds have appeared that are designed to act like hedge funds, selling short or using other techniques to produce steady results in many market climates.... Bringing Up Baby: Advising the Rich on Their KidsFeb 28, 2007,By Kristen French Rich kids are a little bit smarter about money than you might think, a recent survey from PNC Wealth Management suggests. But they still have a long way to go in developing healthy earning, saving and investing habits, the survey showed. Often, their parents fail to take some basic steps to help them with this crucial task.... Disgruntled Smith Barney Brokers Are Voting with Their FeetFeb 23, 2007,By Kevin Burke Sixty-nine brokers left Smith Barney Friday, Feb. 16, just ahead of the three-day weekend—a fact confirmed by the brokerage firm. Fridays before a long weekend are historically prime time for unhappy brokers to make a clean break, but the large number of brokers taking off on a single day is alarming, according to one recruiter.... Retail Hedge Fund Investors to the SEC: Buzz OffFeb 23, 2007,By Halah Touryalai Here’s a dose of irony for the Securities and Exchange Commission. The SEC thinks it needs to do more to “protect” wealthy retail investors from the secretive world of hedge funds. To do so, it is entertaining the idea of enacting more stringent rules as to who can invest. Here’s the irony: The agency is now faced with negative feedback from those very investors it is trying to safeguard. Many wealthy investors say they can take care of themselves, thank you very much.... |
Current Issue Asset-Gathering MachinesBY HALAH TOURYALAI In the first half of 2008, Camden Capital Management, a fee-only RIA in El Segundo, Calif., added $100 million to its growing pot of client assets... advertisement
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