PBGC to Allow Greater Flexibility for Variable-Rate Premium Filings
Agency said move was needed because CARES Act didn’t provide special rules for PBGC premiums.
Regulation
Investment Firm Head Sentenced to More Than 7 Years in Prison for Pre-IPO Fraud
Fred Elm falsely told investors they could invest in Twitter, Alibaba, and Uber prior to their IPOs.
JPMorgan Chase to Pay Nearly $1 Billion to Settle Trade Manipulation Charges
Bank avoids criminal charges by agreeing to record $920.2 million CFTC fine and a $35 million SEC fine.
IRS, Treasury Soften Blow of Endowment Tax
NACUBO welcomes rule changes but still opposes tax, which it says diminishes resources for students.
Florida Pension Sues Intel Over 7-Nanometer Chip Delay
Lawsuit alleges the chipmaker intentionally misled investors about development progress of new product.
SEC Rule Change a Boon to Family Offices
New accredited investor definition will include family offices with at least $5 million in assets.
SEC Hikes Investment Commitments for Shareholders Submitting Proposals
The Council of Institutional Investors says the change jeopardizes faith in the fairness of US public capital markets.
Witnesses at UK Parliament Hearing Say Pension Scammers Have the Upper Hand
Regulators have struggled to keep up with the crooks since pension freedoms were enacted.
Hollywood Runs Afoul of the SEC
Financial regulator settles charges with movie financier, producer, and actor/rapper in two separate cases.
Sustainability Leaders to Work on Common Corporate Reporting Standard
The group of five firms is responding to criticism that inconsistent disclosures make ESG reporting confusing.
SEC, DOJ, CFTC Charge Three in Ponzi Scheme Targeting African Immigrants
The defendants allegedly posed as pastors to gain the trust of unsuspecting churchgoers, among other things.
White House Regulatory Office Reviews Endowment Tax
Universities have called for the removal of the 1.4% excise tax, which they say hurts financial aid.
Second Contracting Firm Exec Pleads Guilty to PBGC Bribery Conspiracy
COO James Girardi admitted he was aware of illicit arrangement between CEO and PBGC official.
Court Rules for Colgate Retirees in Benefit Calculation Lawsuit
Colgate may have to pay a total of $300 million to 1,200 retirement plan participants.
Teamsters Pension Asks Supreme Court to Reverse PE Firm Withdrawal Ruling
Pension says circuit court ruling ‘provides a blueprint’ for private equity funds to ‘escape withdrawal liability.’