SEC Charges Former Miami Brokers for $36 Million Fraud
The Securities and Exchange Commission has charged two former brokers in Miami with fraud for overcharging customers by about $36 million.
Regulation
Citigroup to Settle Subprime Lawsuit Led by Pensions
Final Score: Citigroup 0, Pensions and Investors $25 million.
Fresno and Arkansas Pensions Suing Vodka Producer
The two public pensions systems will lead a class action suit against a Polish alcohol company for allegedly lying about the state of its business.
San Francisco Pension ‘Under No Obligation’ to Follow Jury Directives
A civil grand jury’s scathing report on the San Francisco’s employee pension system has no legal sway over its investment strategies, according to the former president of the California Grand Jurors’ Association.
Swedish, US Pensions Lead 'London Whale' Lawsuit
JP Morgan provided false information, hiding the real nature of the trades that caused a colossal trading loss at the bank, a group of pension funds have alleged.
Swedish Pensions Go Under the Knife
One of the most successful European pensions systems is to change how it invests its billions of assets.
Court Tells San Francisco Pension System to Change its Strategy
A civil grand jury in San Francisco has told the city’s employee pension system to change its investment strategy, assumed rate of return, and transparency policies.
Survey: DB Plan Closures Slowing, Avg. Life Stands at 35 Years
A survey by Greenwich Associates has found that defined benefit pension plans in the UK are not closing as quickly as they have been.
Pension Deficit Sinks Scottish Cashmere Company
Shares of cashmere company Dawson International have been pulled from the LSE after negotiations failed with the Pension Protection Fund.
Louisiana Pension Sues Simon Property Board Over CEO Compensation
A Louisiana pension fund has claimed in a lawsuit that Simon Property Group directors improperly increased its CEO's compensation without seeking shareholder approval.
Another Unexpected Swipe at Pensions From Solvency II
Insurers may have been happier with Solvency II than pension funds, but someone has found a reason not to be so cheerful.
CalPERS Scraps With Stockton’s Bond Insurer Over Right to Assets
As Stockton, California, seeks bankruptcy protection under Chapter 9, CalPERS and a bond insurer have both laid claim to its residual assets.
Reform Ahead for America’s Worst-Funded Pension System?
Illinois lawmakers are meeting August 17 for a special session to resolve the state pension system’s $83 billion liability shortfall.
Barclays Investigated for 2008 SWF Fundraising Improprieties
In the latest regulatory headache for the UK bank, Barclays has disclosed that the Financial Services Authority is investigating four current and former employees for possible improprieties involved with fundraising in 2008 from a sovereign wealth fund.
Actuaries: 80% Does Not Equal Well Funded
By itself, a funding ratio of 80% does not mean a pension plan is adequately funded, the American Academy of Actuaries has asserted.