Charles Schwab Sued Over Own 401(k) Plan
A participant in the Charles Schwab Corp. 401(k) plan has sued the plan and corporate executives, claiming they violated their duties under the Employee Retirement Income Security Act (ERISA) by offering Schwab funds that were “more expensive than comparable alternatives available in the marketplace.” [su_spacer size=”10″] The suit was filed in United States District Court in […]
Richard Gearhart & George McKown Charged With Securities Fraud
Richard Gearhart of Lowell, Indiana and George McKown of Indianapolis, Indiana have been indicted on fraud charges after prosecutors claim they sold securities to investors despite not being registered to do so. The two were charged with conspiracy to commit securities fraud, securities fraud, and wire fraud, said U.S. Attorney David Capp. [su_spacer size=”10″] According […]
Edward Jones Hit With Second Excessive Fee Suit
Edward Jones has been hit with a second excessive fee and self-dealing suit regarding its 401(k) plan. This is the second suit of this nature this year against the brokerage firm and just one of many that have been filed against other defendants this year. The suit alleges that the firm and a number of […]
Wells Fargo Facing 401(k) Suit For Cross-Selling
Wells Fargo & Co. is facing more legal trouble after the bank’s recent cross-selling scandal was revealed last month. A participant in Wells Fargo’s 401(k) plan brought suit against the bank for a “material drop” in its stock price following the news of the scandal, described as a “criminal epidemic” that caused hundred of millions […]
