https://www.financial-planning.com/news/proprietary-funds-at-center-of-bny-mellon-wealth-management-lawsuit
5 replies (most recent on top)
It's bogus because the customers kept using the service even after they knew about the lawsuits.
That's because the bank never said they'd get the best price and the customers already knew that, And the info is easily accessible. Are they going to sue every car dealer that says they have the best deals or every radio station that claims nobody rocks like they do?.
@trt+1926TSKj How was this bogus?
https://www.bloomberg.com/news/newsletters/2020-06-05/money-stuff-a-whistle-blower-gets-a-big-payday
Yes there is training. In their best day wealth management is sloppy (and lazy).
If Katherine took the time to look under the covers of her organization she would be running for the nearest exit.
Our employee's have had extensive training to make sure we don't cross walls between businesses like this. We'll probably see that it's just like the bogus fx lawsuits where clients complain that they're getting ripped off but continue to use our services because they're better than our competitors.
This story broke a few weeks ago and has been kept quiet.
Different question - does this surprise anyone ?