Arkansas Pension Sues State Street Over Currency Transactions
One of the world's largest custodial banks has been sued by an Arkansas public pension fund for overcharging clients on currency transactions.
Regulation
Legislation Aims to Heighten Ethics Requirements for CalPERS, CalSTRS
California Controller John Chiang has said he is sponsoring two
new bills in the state Legislature with the goal of tightening ethics
requirements for CalPERS and CalSTRS.
CalPERS Sues Ex-Lehman Execs & Underwriters, Alleging a 'Fraudulent Scheme'
The California Public Employees’ Retirement System (CalPERS) is suing ex-Lehman executives and underwriters, saying they hid Lehman’s exposure to subprime loans when they sold the California public pension fund about $700 million in bonds.
Prosecutors Expand Investigation Into Banks on Cheating Pensions
Investigators are in the process of probing banks on overcharging state pension funds for currency trades, the Wall Street Journal has reported.
AXA Rosenberg Settles With SEC, Paying $242 Million for Hiding Computer Glitch
The US computer-based investment branch of the French AXA group will pay $242 million in compensation and fines for allegedly concealing a major program glitch.
Muni Board Investigating Greater Disclosure at Pension Funds
Motivated by the need for greater transparency in the municipal bond market, the Municipal Securities Rulemaking Board is looking into ways to broaden issuer disclosure of the standing of their pension plans.
Michigan Sues BofA's Countrywide Unit, Seeks $65 Million in Pension Losses
The attorney general alleges that despite its actions, Countrywide Financial Corporation continued to misinform investors that it maintained stringent mortgage loan underwriting standards that differentiated it from its competitors and other subprime lenders.
SEC Adopts Say-on-Pay for Shareholders
The Securities and Exchange Commission has adopted rules concerning shareholder approval of executive compensation and "golden parachute" arrangements.
SEC Pursues Illinois for Its Critically Underfunded Pension
Illinois now joins other states targeted by the SEC as the regulator demands greater financial disclosure and transparency from pension funds around the country.
Governors Nationwide Fight to Tackle 'Pension Bomb'
In the face of escalating fiscal problems around the country, governors are upping their rhetoric on pension reform in an effort to tackle heightened costs.
SEC Names Ex-GSAM Investment Head
Seeking to protect investors through oversight and regulation, the regulatory agency has named Eileen Rominger the Director of Investment Management.
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.
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.