Court Rules Pensions Can’t Exist in a State of Limbo
In ‘most unusual case,’ judges back PBGC and find that someone must be held responsible for a pension even if the sponsor is long gone.
Regulation
UK Hedge Fund Manager to Pay $170 Million to Settle SEC Charges
BlueCrest Capital Management allegedly misled investors about replacing traders with an underperforming algorithm.
Lawyer Gets Over Six Years in Prison for Ponzi Scheme
Todd Lahr took more than $2.7 million from his own law clients for purported Papua New Guinea mining operations and used it for personal expenses.
Nasdaq Proposes Board Diversity Requirements
Market operator files SEC proposal to require company boards to meet certain guidelines to be listed on the exchange.
How Carbon Pricing Could Get a Boost in Biden’s Washington
Sustainability advocates argue that financial markets are not properly pricing in climate risk. That could change as Democrats take over the executive branch.
DOL Sends Fiduciary Rule Update to OMB
Experts believe the White House will conduct a quick review of the ‘middle-of-the-way’ proposal.
UK High Court Equalization Ruling to Burden Pension Trustees
Legal experts expect court decision will add ‘significant difficulties’ for defined benefit trustees and could take years to complete.
Former CEO, COO of MiMedx Convicted of Securities Fraud
CEO Parker Petit and COO William Taylor were found guilty of falsely inflating the biopharmaceutical company’s revenue figures.
Financial Adviser Sentenced to More Than 3 Years in Prison for Ponzi Scheme
James Booth convinced an elderly widow to invest her late husband’s pension and another investor to hand over his child’s college funds.
Laid-Off Ford Managers Set Back on Bid for Higher Pension Payouts
Federal judge rules that they must use arbitration, instead of the courts, to seek redress.
SEC Charges Five Firms for Unsuitable Exchange-Traded Product Sales
The companies’ advisers told clients to hold complex short-term investments for as long as a year or more, contrary to warnings in offering documents.
NYC Investment Fund Manager Convicted of Multiple Fraud Charges
Donald LaGuardia faces a maximum of 45 years in prison for misappropriating funds and lying to investors.
Wells Fargo Ex-CEO Stumpf Pays $2.5 Million to Settle SEC Charges He Misled Investors
Former Community Bank head Carrie Tolstedt has also been charged by the regulator.
SEC Collects Record $4.68 Billion in Disgorgement, Penalties in Fiscal 2020
The regulator also doled out a record $175 million to whistleblowers during the year.
UK Pension Cleared to Sue Apple over Alleged Misleading China Comments
Judge says it ‘strains credulity’ that CEO Tim Cook was unaware of potential impact of trade tensions on iPhone sales in China.