Democrats Introduce Bill to Protect Pensions, Expand PGBC’s Power
Proposed legislation would create PBGC partition program and end ability to seek benefits cuts under MPRA.
Regulation
Outlook Improves for Multiemployer Reform in 2021, 2022
Democratic control of Congress could help break the deadlock over passing legislation to protect pensions and the PBGC.
NYC Comptroller Calls for SEC to Investigate Tyson
The Empire State’s pension system is mounting investor pressure against the poultry giant, which has been criticized for its pandemic safety practices in its plants.
Illinois Lawmakers Pass Firefighter Pension Bill Upping Benefits
The move would add $18 million in extra inflation-adjustment benefits for its first year, expanding the liability for the poorly funded plan.
Jewelry Wholesaler Charged with Defrauding Retired Police, Firefighters
Gregory Altieri, who pleaded guilty to running $200 million Ponzi scheme, faces up to 20 years in prison.
CEO Charged in $119 Million Fraud Targeting South Asian Americans
SEC alleges SiliconSage Builders CEO Sanjeev Acharya targeted community members in Ponzi scheme.
SEC Lawsuit Against Ripple Could Rattle Crypto Exchanges
Creator of third-largest cryptocurrency, XRP, sued over alleged $1.4 billion unregistered offering.
DOL Finalizes Fiduciary Exemption Consistent with Best Interest Standard
Investment professionals can collect payment for a wider range of transactions, so long as they satisfy the reinstated ‘five-part test’ for fiduciaries.
Madoff Victims’ Recovery Tops 80% of Losses
Latest distribution of more than $488 million to Bernie Madoff victims hailed as ‘historic result.’
Former Asset Management Firm COO Gets 3 Years in Prison for Fraud
Richard Diver admitted that the money he stole was consumed by his ‘wild’ personal spending.
DOL Eases Overly Prescriptive Stance in Final Proxy Voting Rule
It’s unclear how the rule will be interpreted and enforced after the federal administration changes hands, experts say.
Court Rules Pensions Can’t Exist in a State of Limbo
In ‘most unusual case,’ judges back PBGC and find that someone must be held responsible for a pension even if the sponsor is long gone.
UK Hedge Fund Manager to Pay $170 Million to Settle SEC Charges
BlueCrest Capital Management allegedly misled investors about replacing traders with an underperforming algorithm.
Lawyer Gets Over Six Years in Prison for Ponzi Scheme
Todd Lahr took more than $2.7 million from his own law clients for purported Papua New Guinea mining operations and used it for personal expenses.
Nasdaq Proposes Board Diversity Requirements
Market operator files SEC proposal to require company boards to meet certain guidelines to be listed on the exchange.