Bank of America Faces Another SEC Suit
A U.S. market regulator hits BofA with a lawsuit for failing to
disclose extraordinary losses at Merrill before the acquisition deal in
2008.
Regulation
Blankfein to FCIC: Asset Owners Are Professionals Who Wanted Mortgage Exposure
During
the first day of testimony before the FCIC, bank bosses were both apologetic
and defensive, at one point claiming that institutional investors who dealt
with them were professionals and should be responsible for their actions.
With Charges of Bribery and Corruption, CalPERS to Increase Transparency
Middlemen got $125 million from private investment funds for arranging deals with CalPERS.
Financial Crisis Committee Begins Hearings; Blankfein Takes the Train
The FCIC, established to investigate the financial crisis and make recommendations to Congress, begins its hearing in Washington today.
Illinois Pension Fund Sues Goldman Over Bonus Plans
Suit says bonuses "highlight the complete breakdown" of corporate oversight, saying Goldman’s payouts harm shareholders.
Wesleyan Sues Ex-Endowment Chief, Claiming Fraud
For more than eight years, one of the highest paid employees at Wesleyan used university access and funds to make money at other companies and finance family vacations and international recreational trips, the suit alleges.
State Street to Compensate Netherlands Pension Fund for Lehman Loss
State Street Global Advisers (SSgA) has been ordered to pay more than 40 million euros ($58 million) in damages to Stichting Pensioenfonds OPG for investment losses.
Morgan Stanley Accused of Defrauding Investors
In the latest example of pension funds suing financial institutions, a Virgin Islands pension fund has sued Morgan Stanley over CDO sales.
Alaskan Mercer Suit Headed to Trial
(December 23, 2009) – Pension fund consultancy Mercer is headed to trial in Alaska over charges that it underestimated liabilities and then failed to admit theerror to the state’s pension and health plans for public employees. Mercer’s motion to
With Goldman Lawsuit, Populism Reaches Pension Funds
Financial giant Goldman Sachs has been sued by a $5.8 billion union pension plan over its alleged use of TARP and FDIC-backed funds to pay executive bonuses.
Australian Pension Report Shows Governance Changes on Horizon
The Cooper Review, releasing an interim report, suggests that greater trustee skill and levels of governance should be instituted in the island nation’s pension sector.
Investigations Deepen at CalPERS
The SEC has asked the nation’s largest public pension fund whether two former officials had any contact with an alternative investment manager convicted of paying officials for access to funds.
Institutional Investors Inch Toward Global Warming Opportunities
Despite recent controversy over e-mails and a conference that is likely to lead to little in hard results, there is growing evidence that institutional investors increasingly are investing with global warming in mind.
Ohio, On Behalf of Pension Funds, Files Suit Against Rating Agencies
Following similar suits by Mississippi and California, the Ohio Attorney General files suit against rating agencies.
Investors Demand Climate-Change Risk Transparency
A group of investors that includes CalPERS, CalSTRS, bcIMC, and others has petitioned the SEC in hopes of requiring companies to disclose balance-sheet risk relating to climate change.