ARNOLD F. SOCK, Attorney At Law Opines On: Morningstar Says an Amended Robo-Adviser RICO Suit Still Fails
Morningstar Investment Management LLC asked an Illinois federal judge on Friday to boot an amended Racketeer Influenced and Corrupt Organizations Act suit (U.S. District Court for the Nothern District of Illinois Green v. Morningstar, Inc. et al 1:17-cv-05652), 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.
The investment firm said Michael Green not only failed to cure his initial suit's deficiencies, but "has actually made them worse" in his amended complaint.
Well it goes with saying that when filing suit, one has to meet the requirements for filing a suit the court will be able to hear, and decide.
Opinion by ARNOLD F. SOCK, Attorney at Law