The lawsuit, which seeks a class action, was filed in New York federal court last week. It follows similar suits brought against UBS, Ameriprise and LPL Financial.
According to the federal complaint calling for a class action, the firm’s policies “maximize profits for UBS while at the same time disregarding its clients’ best interests.”
Organic growth has become a challenge for wealth managers. Advisors in these 10 cities, where demand for their services is high, may have a better chance at it.
Ken Leech is taking a leave of absence as co-chief investment officer after receiving a so-called Wells notice from the SEC, a warning that regulators may recommend enforcement.
The lawsuits filed in Minnesota and California federal courts come as a New York-based law firm announced a new task force looking into the controversial practice, assisted by former SEC Commissioner Robert Jackson, Jr.
