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Mariner asked a federal court to pause Edelman Financial Engines' trade-secret lawsuit during an ongoing arbitration process. Edelman says that would only let Mariner continue raiding its advisors and clients "with impunity."
The independent broker advocacy group previously sued the DOL for withdrawing a Trump-era version of the rule in 2021 and is looking to revive that lawsuit.
J.P. Morgan Securities agreed to pay $18 million to settle charges that it gave certain clients the choice of accepting credits or settlements while agreeing not to approach regulators.
Jim Nagengast’s departure from Osaic is part of a larger trend happening in the IBD world, where the leaders of the individual businesses step down in the wake of a consolidation.
A spokesperson said Bank of America was wrapping up its evaluation of the new offerings that were approved earlier this week by the SEC. The news comes the same day the bank unveiled its fourth quarter of 2023 earnings report.