Connecticut's attorney general alleges that Thomas Kannam's “golf outing of the century” in California, a Super Bowl outing, and a trip to the United Kingdom with his entire family to interview for a job at Cambridge University were flagrant abuses of both his power and of the university's endowment assets.
In the first suit by the Securities and Exchange Commission (SEC) against a state for securities fraud, the regulator claimed that when New Jersey issued $26 billion in bonds between 2001 and 2007, it fraudulently and erroneously portrayed its pension funds as adequately funded.
As pension funds face intense scrutiny and speculation for improper influence of board members and execs, lawmakers have been considering disclosure for California's pension boards.
After the Sun-Times and its units filed for bankruptcy protection in March 2009, the company sold nearly all of its assets -- PBGC has stepped in to assume responsibility.
The $300 million pension has sued Hewlett-Packard and its former
Chief Executive Mark Hurd, who was ousted from the company after a
sexual-harassment-claim settlement, seeking a variety of governance
changes and punitive damages for breach of fiduciary duty, mismanagement
and waste of corporate assets, including the severance payment to Hurd.
Citing the scandal in the city of Bell, California Treasurer Bill Lockyer asked the state's largest pension to release data on the 100 highest state and local government salaries to avoid pay abuses.
A recent study by Towers Watson has shown that while legislation recently signed into law could provide a between $19 billion and $63 billion reduction in required contributions over five years, only one-quarter of employers are likely to seek relief.
In an 82-page ruling, Supreme Court Justice Lewis Bart Stone in Manhattan dropped some of the charges against Hevesi, which include felonies and misdemeanors of bribery, grand larceny, money laundering and fraud.
President Obama's signature on the Dodd-Frank financial regulation bill
gives the Commodity Futures Trading Commission (CFTC) and Securities
& Exchange Commission (SEC) oversight of the roughly $600 trillion
OTC derivatives market while forcing most swaps to be cleared on a
regulated exchange.
Under
the Public Records Act, the First Amendment Coalition (FAC) filed the
suit against the pension demanding access to records revealing factors
influencing CalPERS' financial commitment in 2006 to the Page Mill
Properties II project.
Of the lawsuit's total penalty, the largest ever paid by a Wall
Street firm, $15 million represents disgorgement of gains from the deal
while the remaining is a civil penalty.
