Investments
Insperity 401(k) Retirement Plan Settlement
This settlement resolves a class action against Reliance Trust Company, Insperity, Inc., Insperity Holdings, Inc., and Insperity Retirement Services, LP, claiming they violated ERISA in their operation and administration of the Insperity 401(k) Plan. The lawsuit alleged the companies caused the plan to pay too much for administrative and investment services, and also that they Read more
Syndicated Conservation Easement Tax Strategy Rejected by IRS RICO Class Action
The Internal Revenue Service (IRS) allows some conservation easements to be considered a noncash charitable contribution deduction, which can have substantial tax benefits for certain individuals. However, the easements must be placed on the property in strict compliance with the terms set by the IRS. The complaint for this class action brings suit against a Read more
BNY Mellon Discretionary Investments Violated Agreements Class Action
BNY Mellon, NA is a subsidiary of the Bank of New York Mellon Corporation which has a wealth management division. Customers for this division may entrust funds to the bank and rely on the bank “to invest those funds at the Bank’s prudent discretion.” The bank has full investment authority over those funds. However, the Read more
EquiAlt $170 Million Ponzi Scheme California Class Action
“This case arises from $170 million Ponzi scheme operated by EquiAlt, LLC[,]”the complaint for this class action says in its opening line. According to the complaint, EquiAlt claims to use investor funds to buy distressed real estate and promised eight to ten percent profit with very little risk. However, the complaint claims that the promises Read more
Robinhood Trading Systems Fail in Volatile Market Class Action
In recent months, the stock market has been very volatile, plunging downwards and shooting up again in connection with the coronavirus pandemic. Investors must make decisions—and trades—quickly. The complaint for this class action alleges that services for online trading firm Robinhood failed at important times, leaving investors unable to buy or sell securities for their Read more
Bank of America, US Bank, Key Bank Bond Obligations Class Action
When a business acquires another entity and its assets, it’s common for it to take on its obligations as well. However, the complaint for this class action alleges that Bank of America, NA, US Bank, NA, and KeyCorp, of Key Bank, are not honoring the time deposit investments issued to customers by their predecessors, Rainier Read more
Conestoga Life Settlements Information to Investors Fraud Class Action
“A life settlement is a transaction in which an insured person sells his or her life insurance policy to a third party,” explains the complaint for this class action. Life settlements are at issue in this case for “fraud, conspiracy, aiding and abetting, civil theft, and breach of fiduciary duty,” against defendants Conestoga Settlement Services, Read more
Merrill Lynch Spoofing to Manipulate Futures Contracts Class Action
On June 25, 2019, the Department of Justice (DOJ) announced a non-prosecution agreement with Merrill Lynch Commodities, Inc. in connection with a criminal investigation of the company. The complaint for this class action takes up its findings and brings suit against Merrill Lynch, its parent company Bank of American Corporation, and individuals on behalf of Read more