SEC Recommends Creating Disclosure Framework for ESG Investments
Investment committee finds current ratings to be too confusing for investors and aims to create a firmer standard for reporting ESG metrics.
Regulation
Ex-State Street Exec Loses Fraud Appeal
Ross McLellan was convicted in 2018 of plugging hidden commissions into trades.
SEC Appoints Receiver for Florida Firm Charged with Fraud
TCA Fund Management allegedly falsely inflated asset values by $130 million.
Morningstar to Pay $3.5 Million SEC Conflict of Interest Penalty
Analysts conducted both sales and ratings operations, the US securities regulator said.
Senators Urge Pelosi to Include Pension Fix in Next Stimulus Package
However, Senate Majority Leader Mitch McConnell has objected to providing funds to fix pension issues.
New York AG Investigates St. Clare’s Pension Fund Fiasco
Nearly 1,100 retirees lost their pensions or had them reduced last year.
Bloomberg Fined $5 Million by SEC for Brokerage Practices
The company’s subsidiary, Bloomberg Tradebook, allegedly transferred low-commission client orders to unaffiliated broker dealers.
Former PBGC Official Pleads Guilty to Bribery Conspiracy
Jeffrey Donahue could face 15 years in prison for conspiracy to bribe a public official.
Denver Retirees Ordered to Return $11 Million in Benefits
A local investigation found overpayments ranging from $3,000 to $3 million to be recouped.
Judge Dismisses Trader Joe’s ERISA Lawsuit
Court ruling shoots down five allegations of breach of fiduciary duty.
COVID-19 Layoffs Can Mean PBGC Reporting Obligations
PBGC monitors workforce reductions, so plan sponsors must be vigilant.
Athene Fined $45 Million for Unlicensed Pension Risk Transfers
New York regulator said the firm illegally entered into 14 risk transfer deals.
UN Proposes $2.5 Trillion Coronavirus Package for Developing Countries
COVID-19 economic shock to developing nations even more dramatic than 2008 financial crisis.
Musicians Pension Settles Lawsuit Over ‘Risky’ Investments
Trustees accused of acting like ‘drunken gamblers’ pay nearly $27 million, deny wrongdoing.
Alaska Spending Blueprint Drops Residents’ Oil Dividend by 38%, Gives No Direct Virus Aid
Base cause: The state’s sovereign wealth fund dropped 10% last month, as oil prices plummeted in the coronavirus crash.