Wells Fargo Settles With Wachovia Investors for $590M
Wells Fargo & Co. says it has agreed to pay $590 million to settle a class-action lawsuit filed by investors in Wachovia securities.
Regulation
Rep. Spencer Bachus Criticizes SEC for Being 'Flawed and Inefficient'
US Representative Spencer Bachus has said he is planning legislation to restructure the U.S. Securities and Exchange Commission in order to implement changes recommended by the agency’s inspector general, the Government Accountability Office and a consultant’s report mandated by the Dodd-Frank Act.
China Mandates That Firms Get Bondholder Approval on Restructuring
As China's debt booms while the country aims to contain default risk, Chinese firms must now obtain approval from bond investors before they restructure their assets.
Was Hedge Fund Falsely Accused of Malfeasance?
The three Louisiana pension funds that expressed concern over Fletcher Asset Management’s liquidity and financial reporting practices have sent a team to the hedge fund to investigate the matter; their findings suggest that the initial concerns may have been unsubstantiated.
Adding to Bank of America’s Countrywide Legal Woes, Prominent Institutional Investors File Lawsuit
In another legal blow to Bank of America, a group of 15 institutional investors has sued the bank for allegedly misleading investors about the integrity of its subsidiary Countrywide Financial’s financial condition and lending practices.
Mexican Pension Regulator Ups Limits on Equity Investment
While Mexico's Afore retirement funds are still slanted toward fixed-income and government bonds, new rule changes could release $6 billion into equities.
In Latest Post-Crisis Lawsuit Ruling, Judge Upholds Suit Against Lehman
A judge in Manhattan District Court has rejected a bid by former Lehman Brothers executives and affiliates to dismiss a case alleging misleading practices, as the lawsuits that investors have filed against financial institutions continue to creep forward.
Whistleblower Sues California Public Pension After Alleged Threat of Dismissal
An investment analyst has sued the $5.5 billion Alameda County Employees’ Retirement Association for allegedly threatening to fire him after he accused the fund’s CIO of falsifying time slips.
Justice Dept. Accuses Wells Fargo of Preying on Black Borrowers
As banks around the country have faced lawsuits by pension funds, regulators, and other agencies over their mortgage-lending practices during the housing market collapse, Wells Fargo now battles allegations of discriminatory lending.
CalPERS Joins Big US Pensions in Urging Obama, Congress to Act Swiftly on Federal Deficit
Public pension funds have called on the President and Congress to act immediately on the US deficit to avoid a downgrade.
Mass Laborers’ Pension Fund Joins Growing List of News Corp Plaintiffs
The Massachusetts Laborers’ Pension and Annuity Funds has sued Rupert Murdoch and other News Corp directors over lack of oversight and a breach of fiduciary trust, adding to a growing list of investor lawsuits hitting News Corp in the midst of the phone hacking scandal.
Maryland State Retirement System’s Former Actuary Liable for $73 Million
The Court of Appeals of Maryland has ruled that Milliman, Maryland State Retirement and Pension System’s actuary from 1982 to 2006, is liable for damages of approximately $73 million for faulty actuarial valuations that left the state’s plans underfunded.
APG Head: Regulations Are Preventing Domestic Management of Dutch Pension Assets
The chairman of Dutch pension fund manager Algemene Pensioen Group wants to lessen regulations that have prevented the firm from reclaiming Dutch pension assets whose management has fallen into foreign hands, the Financial Times has reported.
Louisiana State Pension Systems Bring Fletcher Asset Management Under Fire
Three Louisiana state pension funds’ failed attempts to withdraw assets from hedge fund Fletcher Asset Management have drawn the attention of the Securities and Exchange Commission.
Pensions Sue News Corp. for 'Egregious' Behavior
News Corporation shareholders have sued the Rupert Murdoch-owned company, alleging that the board failed to exercise proper oversight and take sufficient action since news of phone hacking first emerged at its subsidiary nearly six years ago.