Verizon/Prudential Pension-Risk Transfer Survives Court Challenge
A lawsuit from a small number of Verizon retirees will not stop the $7.5 billion transaction, a Dallas court ruled today.
Regulation
Verizon, Prudential: Annuities 'At Least' as Safe as DB Pensions
Verizon, which is being sued by retirees to block its pension-risk transfer to Prudential, argues members will be better protected if the deal closes.
Verizon Retirees Sue to Block Pension-Risk Transfer
The handover to Prudential strips members of ERISA and PBGC protection, which, the retirees argue, leaves them shouldering extra risk.
Financiers Admit: Lots of Us Are Corrupt
Nearly one in three feel pressured to violate the law or their own ethics, according to a survey, and one quarter believe it’s necessary to get ahead.
Ex-Employee Claims Overcharging Was “Accepted Business Practice” at State Street
A lawyer for Edward Pennings, formerly of the bank’s transition management unit, said his client was only following standard practices; State Street vigorously disputes the claim, labeling the dismissed employee a “liar.”
Pensions Allege JPMorgan Transformed CIO Unit Into Risky Prop-Trading Desk
A group of pension funds have filed a lawsuit against JPMorgan Chase & Co--the biggest bank by assets in the United States--noting that it has turned its risk-management unit into a "secret hedge fund" resulting in monumental losses.
Irish Pension Chief Accuses Transition Manager of “Internal Collusion”
The head of Ireland’s National Treasury Management Agency has called overcharging by State Street “fraud”; multiple sources confirm that the Financial Services Authority is investigating the bank over transition management practices.
European Pensions Supervisor Eyes Larger Role
Pensions are a big deal in Europe, and their supervisory body wants a bigger slice of the pie.
Chevron Accuses State Comptroller DiNapoli of Ethics Violations
Chevron Corp., one of the world's biggest oil companies, has filed an ethics complaint against New York State Comptroller Thomas DiNapoli, who says the allegations are without merit.
Pay-to-Play Pension Convict Granted Parole
Former New York State Comptroller Alan Hevesi is headed home after 19 months in prison for corruption.
CalPERS' Lobbyist Sees More Stalling on Volcker Rule
2012 won’t be the year the highly controversial Volcker Rule finally sees daylight, according to the pension system's man in Washington.
SEC Posts 100% Returns
The SEC levied more than $3 billion in fines in FY 2012, double its $1.5 billion budget.
Get Collateral Moving, Says EU Trade Group
Demand for high-quality collateral is only going up, but the IT infrastructure to mobilize it isn’t up to the job.
Want Investment Freedom? Head to the Nordics
As the financial storm batters Europe, some regulators have eased investors’ pain while others have added to it, a research firm reports.
CalPERS Sues City of Compton Over Unpaid Contributions
California's state employee pension fund has taken action against one of the financially-floundering municipalities that owes the fund money.