US Public Pensions Subject to Accounting Changes Under GASB Proposals
The Governmental Accounting Standards Board (GASB) has published proposals to improve the way US state and local governments report pension liabilities.
Regulation
Following Hefty Fine for Allegedly Misleading Pensions, JPMorgan to Pay $228 Million in Muni Case
State and federal regulators have ordered JPMorgan to pay $228 million in a settlement of allegations that the bank's securities division rigged the market for municipal bond derivatives.
Lehman, CalPERS-Paulson Agree on New Bankruptcy Plan to Repay Creditors
Lehman Brothers Holdings has reached an agreement among several creditor groups, including Paulson & Co, a large Lehman bondholder, and Goldman Sachs, a derivatives counterparty to Lehman.
SEC May Propose Fiduciary Duty for Swap Dealers
Aiming to manage risk and guard clients from abusive practices, the SEC is laying out conduct rules for swap dealers.
Regulatory Reform Looms for Superannuation Funds
Australian superannuation funds need to begin preparing themselves for impending regulatory reform to avoid being caught flat-footed, consultants have warned.
Pension Derivative Exemptions Under Threat, Dutch Fund Says
Planned pension exemptions relating to derivative clearinghouse regulation may be a casualty of European politics, a member of pension giant APG says.
Emboldened Christie Sees Pension Reforms Passed
The New Jersey Assembly has overwhelmingly passed a bill that Governor Chris Christie has trumpeted as necessary to shore of state finances – but which teachers have lambasted as unnecessarily harsh.
New Jersey Union Files Lawsuit Over Pension Payments, Claims Workers' Constitutional Rights Were Violated
A New Jersey labor union has sued the state, asserting that Governor Chris Christie failed to make sufficient payments to the state's pension funds.
States May Be Forced to Achieve Higher Level of Reporting of Their Unfunded Liabilities
Proposals being created by the Governmental Accounting Standards Board will force most US states and towns to increase the level of unfunded liabilities they report on their balance sheets.
SEC Mandates Tighter Hedge Fund Rules
The new requirements adopted by the Securities and Exchange Commission “will fill a key gap in the regulatory landscape,” the US regulator's Chairman Mary Schapiro said.
JP Morgan Settles SEC Charges of Misleading Investors Over Housing Market
JP Morgan has agreed to pay $153.6 million to settle US regulatory claims that it misled pension funds and other investors while selling a product linked to risky mortgages as the housing market crumbled.
SEC Investigates ExxonMobil, Conoco, and Occidental Over Libyan Connections
Following concerns that financial firms may have violated bribery laws in dealings with Libya's sovereign wealth fund, the Securities and Exchange Commission has requested information from ExxonMobil, ConocoPhillips and Occidental Petroleum Corp. about their Libyan connections.
In Merrill Mortgage-Backed Securities Lawsuit, Judge Certifies Class-Action Status
On behalf of at least 1,800 investors, a federal judge has ruled that Bank of America's Merrill Lynch unit faces a group lawsuit over its mortgage-backed securities.
SEC Investigates Credit-Rating Firms for Contributing to Financial Collapse
The US regulator could file civil charges against some rating agencies for their role in rating mortgage-bond deals that fueled the financial crisis.
CalPERS Fights Back Against Accusations Over Destruction of Evidence
Following accusations of destruction of evidence over emails, CalPERS is upping its defense.