The Practice: Regulatory/legal issues

UBS Asks Court to Toss Retaliation Claim After Alleged Pregnancy Discrimination

December 13, 2019No Comments

The father of a former UBS FA claims the wirehouse retaliated against him when he left.

Wells Tells Ex-FA to Halt ‘Parade’ of Witnesses; Finra Agrees

December 12, 20191 Comment(s)Last Comment: December 13, 2019

One ex-WFA rep is fighting a more than $500,000 award the wirehouse won against him.

JPMorgan Faces Race Discrimination Claims From Ex-FA and Client

December 12, 20192 Comment(s)Last Comment: December 13, 2019

Newspaper obtains recordings suggesting a culture in which black advisors and clients were treated differently.

UBS Faces Lawsuit Over Mortgage-Backed Securities

December 12, 2019No Comments

A U.S. District Judge rejected the UBS’s request to dismiss a 2018 Justice Department lawsuit.

LPL Loses Reps to Cetera But Lures Brokers from Advisor Group and Centaurus

December 12, 2019No Comments

A. Gib McEachran and John Hardy left LPL to affiliate with Cetera.

Wells Fargo 2020 Comp Plan Leaves Grids and Hurdles In Place

December 12, 2019No Comments

The wirehouse's new compensation schedule has some welcome news for its reps. The company made no changes to levers or hurdles for the roughly 9,500 FAs who are in its Wells Fargo Advisors-led channel.

Jefferies Ordered to Pay Close to $4 Million Over ADR Handling

December 11, 2019No Comments

The latest enforcement action is the regulator’s 14th related to allegedly improper ADR pre-release handling.

Senators Call Out SEC’s Clayton: You Were Duped in Proxy Initiative

December 11, 2019No Comments

Comment letters cited by the SEC chief as Main Street support for a proxy voting proposal later turned out to be a sham.

Credit Suisse Challenges Finra Arb Award to Ex-Brokers

December 11, 2019No Comments

The Swiss-based firm has sued two brokers it was ordered last month to pay more than $1.6 million over deferred compensation.

UBS’ Houston Office Faces Allegations of a ‘Racket’ in Complex Investment Strategy

December 11, 2019No Comments

A Houston attorney has filed a pre-suit discovery motion seeking depositions in regard to how UBS’ financial advisors sold an in-house options overlay trading strategy.