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Western Global Airlines ESOP Stock Purchase ERISA Violations Class Action

This head-spinning class action involves an employee stock ownership plan (ESOP) for employees of Western Global Airlines, Inc. and a stock purchase of 37.5% of private Western Global stock. The complaint alleges that the defendants bought the stock at an inflated price, saddled the company with enormous debt to pay for it, and forced employees  Read more

Western Global Airlines Plane in Flight

UBS Financial YES Program High Risks and Conflicts of Interest Class Action

This class action brings suit against UBS Financial Services, Inc. for its Yield Enhancement Strategy (YES) program. The complaint makes several allegations, including that UBS concealed that the potential risks of the program were larger than the potential gains, that the accounts enabled UBS to double-dip on fees, and that UBS had a conflict of  Read more

UBS and Three-Key Logo Sign on Building

CITIC Capital RICO Conspiracy GNC Shareholders’ Class Action

This class action is brought by minority shareholders in GNC Holdings, Inc. The complaint alleges that “a number of state-owned Chinese corporations and individuals, GNC’s Board of Directors and senior management, certain [of] GNC’s secured lenders and financial advisor” who have conspired “to enrich themselves at the expense” of other shareholders through dishonest actions that  Read more

Sign at GNC World Headquarters

Charles Schwab Earnings from Intelligent Portfolios Program Class Action

Digital programs are increasingly used to automate everything. This class action brings suit against Charles Schwab Investment Advisory, Inc. over its digitized investment-advice “robo-advisor” program Schwab Intelligent Portfolios (SIP program). The complaint alleges that, while the SIP program advertises itself as being lower-cost than other programs in certain ways, it involves “self-dealing” by the company  Read more

Intelligent Portfolios Graphic

IBM Retirement Plans Breach of Fiduciary Duty Settlement

A settlement of $4,750,000 is resolving a class action against the IBM Retirement Plans Committee and certain individuals under the Employee Retirement Income Security Act (ERISA). The complaint alleged that the committee breached its fiduciary duty of prudence in offering IBM common stock as an investment in its 401(k) plan. It claimed that the committee  Read more

Document Titled "401(k) Statement"

Vida Longevity Fund Omissions in Offering Materials Class Action

This class action brings suit under the Texas Securities Act (TSA) against a number of parties related to the Vida Longevity Fund, LP, established in 2010. The Fund promised a high rate of return, but the complaint alleges that it was hiding “serious weaknesses in the Funds’s internal processes and procedures…” It claims that these  Read more

Numbers and Rising Graph

TD Ameritrade Prohibitions on Sales of AMC Stock Class Action

TD Ameritrade, Inc. is a broker that processes trading orders for consumers. The complaint for this class action alleges that on January 28, 2021, TD did not process orders for AMC securities, either prohibiting customers from making the trades or delaying in making them. The complaint alleges breaches of contract and of the implied covenant  Read more

A TD Ameritrade Location

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

Rising Bar Graph on Chalkboard Titled "Retirement Plan"

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

Graph of Investment Results

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

Tall Building with BNY Mellon Sign at Top