January 16, 2019
Morningstar Investment Management LLC and two Prudential Financial Inc. retirement-focused subsidiaries won't have to face allegations that they illegally colluded to profit from a robo-adviser program after an Illinois federal judge ruled Wednesday that the plan participant leading the suit failed to show they violated the Racketeer Influenced and Corrupt Organizations Act.
May 14, 2018
Morningstar Investment Management LLC asked an Illinois federal judge on Friday to boot an amended Racketeer Influenced and Corrupt Organizations Act suit alleging the firm and two Prudential Financial Inc. retirement-focused subsidiaries colluded to steer investors toward high-cost investment options with a robo-adviser, saying the plan participant who revised the suit failed to fix the first version's shortfalls.
March 16, 2018
Morningstar Inc. and two Prudential Financial Inc. retirement-focused subsidiaries escaped a racketeering suit claiming the three colluded to steer investors toward high-cost investment options with a robo-adviser, after an Illinois federal judge Friday said a plan participant who is lobbing those claims failed to allege that the companies were running an unlawful enterprise.
August 28, 2017
Morningstar Inc. told an Illinois federal court Friday that its role as a consultant on a robo-advisory program offered by two Prudential Financial Inc. retirement-focused subsidiaries was too limited to support a racketeering claim brought against it in a proposed class action filed by a retirement plan participant who used the program.
August 04, 2017
Morningstar Inc. and two retirement-focused subsidiaries of Prudential Financial Inc. were hit with a proposed class action in Illinois federal court Thursday, with investors accusing the companies of colluding to design a robo-adviser program to steer them toward investments that paid Prudential high fees.