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Charles Schwab & 11 other firms fined $63M by SEC, in 'off-channel' texting crackdown

By Lynn Cavanaugh

In the latest Securities and Exchange Commission off-channel communications sweep, 12 firms will pay hefty fines because they used unapproved communication methods, such as WhatsApp, and failed to properly keep records.

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SEC fines 2 Robinhood broker-dealers $45M over data breach, trade reporting violations

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Construction firm Bechtel wins 401(k) 'excessive fees' lawsuit, again

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January 15, 2025

Climate group Net Zero Asset Managers suspends operations, in wake of BlackRock's exit

Last week, BlackRock dropped out of the United Nations-backed climate change investing initiative, which was followed by NZAM suspending its activities on Monday because of "recent developments … in investors' respective jurisdictions," according to its website.

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January 13, 2025

American Airlines breached fiduciary duty by prioritizing ESG goals, in 401(k) lawsuit

A federal judge in Texas ruled that American Airlines violated its ERISA duties by not focusing "on the best financial benefit" for its 401(k) plan, in the biggest victory yet in a case involving ESG investing.

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January 10, 2025

BlackRock quits Net Zero climate group, after ongoing pushback against ESG investing

The world's largest asset manager, with more than $10 trillion in assets under management, has dropped out of the Net Zero Asset Managers initiative, following the recent withdrawals of Morgan Stanley, Goldman Sachs, JP Morgan Chase and other megabanks.

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January 09, 2025

Edward Jones to pay $17M for mutual fund overcharges, violating Obama-era fiduciary rule

State securities regulators discovered gaps in the firm's supervisory process, when customers moved from brokerage to advisory accounts and the financial services firm implemented new policies in response to the now-defunct fiduciary rule.

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January 09, 2025

Northern Trust agrees to pay $6.9M over 'underperforming' target date funds lawsuit

Participants in the firm's $2.9 billion 401(k) plan had sued the company, alleging it failed to regularly monitor plan investments and remove underperforming in-house funds.

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January 06, 2025

Verizon sued over $5.9B pension risk transfer deal with Prudential by ex-employees

Ex-employees are suing Verizon as well as State Street Global Advisors, which served as the "independent fiduciary" in putting the deal together to manage the pensions of 56,000 retirees.

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January 03, 2025

Amazon sued by employees for mismanaging $350M in forfeited 401(k) funds

The online retailer has been hit with a class action lawsuit, alleging it violated its ERISA fiduciary duties by using forfeited 401(k) funds to offset the company's own contributions instead of reducing administrative fees for over 20,000 participants.

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Top Legal Stories

Charles Schwab & 11 other firms fined $63M by SEC, in 'off-channel' texting crackdown

SEC fines 2 Robinhood broker-dealers $45M over data breach, trade reporting violations

Construction firm Bechtel wins 401(k) 'excessive fees' lawsuit, again

Recommended Just For You

Legal Stories

Climate group Net Zero Asset Managers suspends operations, in wake of BlackRock's exit

American Airlines breached fiduciary duty by prioritizing ESG goals, in 401(k) lawsuit

BlackRock quits Net Zero climate group, after ongoing pushback against ESG investing

Edward Jones to pay $17M for mutual fund overcharges, violating Obama-era fiduciary rule

Northern Trust agrees to pay $6.9M over 'underperforming' target date funds lawsuit

Verizon sued over $5.9B pension risk transfer deal with Prudential by ex-employees

Amazon sued by employees for mismanaging $350M in forfeited 401(k) funds