New York's Attorney General has sued Bank of New York Mellon's Ivy Asset Management unit for keeping its clients' money with Ponzi-scheme operator Bernie Madoff -- even though it knew it was a scam. The investment adviser was earning big fees from Madoff.
Nationwide is "on your side" as the financial services giant's corporate slogan goes, but not everyone thinks so. A class action law suit charges Nationwide with accepting "revenue sharing payments" from mutual funds as the cost of being included as investment options in its retirement plans.
Investors, take note. Many believe John Hancock and other 401 (k) providers like it are "fiduciaries," meaning they ensure investment options available to participants are the best -- and they put the interest of the plan participants above all others. That's not always the case.
