A New York federal judge has denied class certification to more than 2,000 investors who allege that Genworth Financial Wealth Management Inc. committed securities fraud and breached its fiduciary duty by falsely claiming that the host of radio show “Moneytalk” would oversee their portfolios, Reuters reports.
The plaintiffs claim that they lost millions of dollars between December 2003 and December 2009 because Genworth failed to fulfill its promise that talk show host Bob Brinker would recommend asset allocation and investment choices, and that his strategy would then be implemented by experienced professionals.
