CalPERS Lambasts Investment Banks' Plan for Lehman
The largest US public pension has said Goldman Sachs Group Inc.'s payment plan for Lehman Brothers Holdings Inc. treats pensions and retirees who own Lehman bonds "unfairly."
Regulation
Australia to SWFs: 'Come on In'
In a bid to enhance Australia's reputation as a foreign investment destination, the Australian government is considering rules that would give foreign government-owned funds a tax break.
Commission Orders $30 Million Fine Against Ex-Amaranth Trader for Market-Manipulation
The Federal Energy Regulatory Commission (FERC) has fined Brian Hunter, once one of the most renowned energy traders, $30 million for his role in a scheme that manipulated prices in the natural gas futures market.
Detroit Pension Sue Over Michigan Financial Manager Law
The $2.4 billion Detroit General Retirement System, the $3.4 billion Detroit Police and Fire Retirement System, and four individuals, including the chairs of both boards, have sued Michigan Gov. Rick Snyder over emergency powers.
In a Scathing Report, Senator Says Goldman Misled Investors
A Senate panel has released a damning report accusing Goldman Sachs of engaging in conflicts of interest, flooding the financial system with risky mortgages, and violating fiduciary duties to shareholders.
UK Firms Could Face Intensified Pressure to Plug Pension Deficits
Proposed European Union plans to implement a uniform set of scheme funding rules across Europe would force schemes to pay deficits faster, Towers Watson has found.
FairPensions: US Schemes Voice Discontent With BP While UK Avoids Spotlight
Following the decision by two of the US's largest pension funds -- CalPERS and the Florida State Board of Administration -- to publicly vote against BP at its annual general meeting, FairPensions, a UK-based advocacy group, has asserted that while US investors are happy to voice their intentions, few investors in the UK are doing so.
Pensions Sue JP Morgan for Allegedly Profiting From Clients' Loss
Breaching its fiduciary responsibility to clients in a "blatant disregard of this fundamental duty," JP Morgan knowingly profited from a troubled investment vehicle, according to a class action suit filed on behalf of several pension funds and obtained by The New York Times.
Lehman Aims to Impede CalPERS' Rival Liquidation Plan
Lehman Brothers Holdings, which went bankrupt September 2008 with $639 billion of assets, is asking a judge to delay a liquidation plan hearing drawn up by bondholders including CalPERS and the hedge fund Paulson & Co.
Madoff Feeder Fund Sues ADIA
A feeder fund that invested in the Ponzi scheme of Bernard Madoff has sued the Abu Dhabi Investment Authority to try to recover $300 million in redemption payments, Bloomberg is reporting.
Following Pension Lead, Asset Managers Investigate Alleged FX Overcharges
Fidelity and BlackRock are reportedly looking into whether custody banks overcharged them for foreign exchange transactions.
US Federal Judge Dismisses Pension Lawsuit Against Freddie Mac
Judge John Keenan has dismissed a lawsuit by a group of pension funds which accused Freddie Mac of materially misrepresenting its exposure to risky mortgage products, leading to investment losses.
Trustees Must Join Forces to Promote Stronger Superannuation Reforms
Australian Institute of Superannuation Trustees Chief Fiona Reynolds has urged support for greater unity on superannuation reforms.
Three Pensions Head Investor Lawsuit Against Goldman Over Subprime Mortgages
Three pension funds have been named as co-plaintiffs in an investor lawsuit against Goldman Sachs Group.
SEC Pursues KKR Sovereign Client Information
A 10K filing shows that the Securities and Exchange Commission has requested information about Kohlberg Kravis & Roberts' (KKR) sovereign wealth fund clients.