With Aims to Jumpstart US Growth, Obama Orders Review of Regulations
In a Wall Street Journal op-ed, the President said he is announcing the launch of review of US regulations, removing outdated practices that hinder job creation.
Regulation
SEC Investigating Private Equity, Sovereign Fund Relationships
Did private equity shops and banks break the Foreign Corrupt
Practices Act by bribing sovereign wealth fund officials?
With Pension Accounting Change, AT&T Leaves $17 Billion in Losses Behind Them
The largest US phone company has announced via an SEC filing that it has changed its method of recognizing actuarial gains and losses for pension and other post retirement benefits.
New York's Biggest Pension Announces $4.25 Million Settlement
State Comptroller Thomas P. DiNapoli, trustee of the
$132.8 billion state and local employee retirement fund, asserted that
the New York State Common Retirement Fund was misled about the extent of
Merrill Lynch’s participation in the subprime mortgage mess.
US Judge Throws Out Lawsuit by Pensions Against RBS
A majority of claims, dating from early 2009, against the Royal Bank of Scotland have been dismissed by a US judge on the precedent that investors cannot use federal courts to raise fraud claims over the purchase of foreign securities.
Institutional Investors Back Lawsuit Against Fortis for $2.5 Billion Loss
As part of the Stichting Investor Claims against Fortis Foundation, institutional investors have launched a claim accusing Fortis of making misrepresentations to the market and to its shareholders.
Public Pension Fund Coalition Urges Thorough Foreclosure Review by US Banks
A group of seven major public pension schemes are being led by New York City Comptroller John Liu to press the largest US banks to better examine their mortgage and foreclosure practices.
Rattner, the Big Fish of New York’s Pension Scandal, Settles with Cuomo
While denying any wrongdoing, Steve Rattner has agreed to
pay $10 million to settle charges that he and the firm he founded bought access
to New York’s Common Retirement Fund.
New York, Ohio Funds Take Lead in BP Class Action
A ruling out of District Court also creates a sub-class of
claimants with more limited claims against the company.
In Pittsburgh Pension Crisis, Another Proposal, and Rejection
With three days to go before a state takeover, another proposal (30 years of dedicated parking revenue) and rejection (by Mayor Luke Ravenstahl) in the search for a Pittsburgh pension solution.
Joining Other States and Cities, Detroit Feels the Placement Agent Scandal
Two Motor City pension funds have seen large write-downs on bad investments, many of which are tied to recommendations from placement agents and an investment consultant.
With New Evidence via WikiLeaks, RBS Awaits Subprime Lawsuit
Following the release of diplomatic cables quoting the current RBS Chairman claiming that former directors may have breached their fiduciary duty, a potential lawsuit, and embarrassment.
Cuomo Reaches Deals With Two Funds in Pension Fund Probe
Odyssey Investment Partners LLC and HFV Management LP have reached agreements with New York Attorney General Andrew Cuomo that resolve probes of their involvement with pay-to-play at the state pension fund.
Norway's SWF Accused of Multibillion Dollar Investments Supporting Abuse, Fueling Military Regime
A new report by EarthRights International (ERI) has shown how the Norwegian Government Pension Fund Global has $4.7 billion invested in 15 oil and gas companies from eight countries operating in Myanmar, putting Norway in violation of its own Ethical Guidelines for responsible investment.
Looking to Avoid Scandal, CalPERS Hears Post-Employment Recommendations
A legal firm hired to scrutinize the CalPERS’ staffing and conflict-of-interest issues has recommended barring employees from leaving for asset management firms with ties to the pension giant.