Northwestern Mutual Investment Services, LLC
| November 19, 2019
Founded in 1857, Northwestern Mutual is the nation’s largest direct provider of individual life insurance in the United States. Securities and investment advisory programs are offered through Northwestern Mutual Investment Services, LLC, a wholly-owned company of The Northwestern Mutual Life Insurance Company and a dually registered broker-dealer and investment adviser. Based in Milwaukee, Wisconsin, Northwestern Mutual Investment Services has been providing brokerage and advisory services, including financial planning, for individuals and businesses since 1968.
A securities brokerage firm licensed by FINRA, Northwestern Mutual Investment Services, LLC has a legal duty to supervise its brokers and its brokers’ recommendations to clients to ensure compliance with and prevent violations of the rules of the security industry. When an individual broker is negligent or acts in an unlawful manner against the interests of the client and that client suffers damages as a result of such wrongdoing, the firm may be held liable for the investor’s losses.
Northwestern Mutual Investment Misconduct
Northwestern Mutual Investment Services and its registered brokers have been fined and cited in the past for various misconduct which harmed or could potentially have harmed its investors. For example, in 2007 FINRA fined Northwestern along with three other investment firms over $1.2 million for misconduct and failure revolving around the sale of certain mutual funds. Specifically, FINRA stated that Northwestern did not “have adequate supervisory systems and procedures” which would have protected clients by providing appropriate NAV pricing updates.
In 2009, FINRA reached a settlement with Northwestern and two other broker firms over the sale of auction rate securities (ARS). The securities in question became illiquid in February 2008, and 12 total firms were fined and cited by FINRA for sale violations. Northwestern also agreed to a repurchase of these ARS that had become illiquid, amounting to $103 million. In this case and many other cases like it, investors lost money because they were not appropriately warned by their brokers of the risks of ARS.
When investors suffer significant financial losses because of investment firm and broker misconduct such as failure to supervise, providing false or misleading information, outright negligence and fraud, they deserve a legal advocate who will stand up on their behalf and fight to recover their losses. Meyer Wilson’s job day in and day out is to deal with investment fraud and class actions. We are passionate about what we do and want to help you recover your losses against Northwestern Mutual Investment Services, LLC.
Investment Fraud Attorney: Fighting to Recover Your Losses
Securities litigation attorneys with Meyer Wilson have the considerable insight and resources required for recovering large settlements from Northwestern Mutual Investment Services. Our work on behalf of victims of investment fraud have allowed our firm to reclaim hundreds of millions of dollars for nearly a thousand clients in our firm’s recent history. Our investment loss attorneys achieved $350 million in recovered losses. Our experienced attorneys can aggressively pursue successfully claims in courts about state and federal levels nationwide, but can also conduct claims in arbitration with FINRA, AAA, and privately. Our firm even represents international clients with claims against U.S.-based brokerage firms.
If Northwestern Mutual has negligently handled your assets, you deserve reparations. Contact Meyer Wilson today for a free case evaluation to discuss your options.