According to rumors running rampant in the media, we are all breathlessly awaiting an announcement, perhaps at 10 a.m., that the United States Department of Justice ("DOJ") has settled its pending currency market rigging case with JPMorgan Chase, Citigroup, Barclays, the Royal Bank of Scotland ("RBS") and UBS. Word has it that the five banks will be pleading guilty to criminal antitrust and fraud charges attendant to their manipulation of the foreign-exchange markets ("FOREX").
Well, at least some if not all of the banks will be pleading - alas, the vagaries of last-minute rumors. And, sure, the spin will likely be that it wasn't actually the banks that did this but a small group of renegade employees, who conspired sub rosa and unbeknownst to the higher-ups who actually ran the banks. Then there's that thing about the higher-ups because, you know, those higher-ups who were running things at the times cited by DOJ have largely moved on and out and there is a whole new cadre of higher-ups, untainted by this current scandal. I'm guessing (going out on a limb here) that the banks will argue we shouldn't blame a humongous international organization for the misdeeds of a few out-of-control traders who kept it all off the firms' state-of-the-art compliance radar screens. READ
On appeal to the United States Supreme Court from the 9Cir is the question of:
Whether a claim that ERISA plan fiduciaries breached their duty of prudence by offering higher-cost retail-class mutual funds to plan participants, even though identical lower-cost institution-class mutual funds were available, is barred by 29 U. S. C. §1113(1) when fiduciaries initially chose the higher-cost mutual funds as plan investments more than six years before the claim was filed.
Glenn Tibble Et Al., Petitioners, v. Edison International, Et Al.(Opinion,United States Supreme Court, 575 U.S. ____ 2015, May 18, 2015)
Now online at BrokeAndBroker.com the FULL TEXT 9th Circuit Opinion, the FULL TEXT Supreme Court Opinion, and the written transcript and sound file for the oral argument. READ
There comes a point in a registered representative's career when it may simply be time to move on. For many reps who decide to relocate, the questions of what information and documents can you take and how can you take them, present challenging issues. If you handle things properly, the move from one firm to another may go smoothly; if you don't handle things properly, the experience can truly be replete with nasty-grams and lawsuits from your former firm and an uncomfortable regulatory investigation from FINRA. Consider a recent example of a change of jobs that didn't end well. READ