Dallas Cowboys running back Darren McFadden has filed a $15 million lawsuit against Ameriprise Financial, claiming the brokerage failed to notify him of his broker's alleged misconduct. The lawsuit claims McFadden's financial advisor lost or stole at least $15 million from the player over an eight year period, according to the Star Tribune in Minneapolis. It also claims that Ameriprise should have notified McFadden that his broker was investigated for misconduct in regards to his account in 2010. The former fourth overall pick didn't become aware of his missing funds until he attempted to purchase a home in Dallas after signing with the Cowboys in 2015.
Improving the Transparency of ESG Data
State Street Corporation and TruValue Labs, the first provider of artificial intelligence-driven environmental, social and governance (ESG) data, today announced a joint partnership to promote the adoption of industry-standard ESG data produced by the Sustainability Accounting Standards Board (SASB). As part of the agreement, State Street’s clients will be able to access TruValue Labs’ ESG signal, based on SASB’s materiality framework, which identifies sustainability issues that are likely to affect the financial condition or performance of a company.
Baird Taps UBS Team to Open New Chicago-Area Office
Baird, the employee-owned financial services firm, is opening a new wealth management office in the Chicago area. The Tolbert Group, headed by Jeffrey Tolbert, is joining Baird and expanding the firm's wealth management footprint into Oak Brook, Ill. Tolbert, who most recently was a financial advisor and vice president of investments at UBS, and his team were overseeing $178 million in client assets.
Want The Daily Brief delivered directly to your inbox? Sign up for WealthManagement.com's Morning Memo newsletter.
