Courts/legal news and video from Pensions & Investments
Washington state high court rules pension benefit reductions are constitutional
trueThe Washington State Supreme Court upheld as constitutional two bills passed by the state Legislature in 2007 and 2011 that reduced benefits for some participants in several of the state's pension funds.
Cox Enterprises ordered to pay $13.9 million to PBGC for News-Journal plan
trueCox Enterprises Inc. will have to give the Pension Benefit Guaranty Corp. $13.9 million to cover the unfunded pension liabilities of News-Journal Corp.
J.P. Morgan accused of self-dealing in managing church trust
trueChrist Church Cathedral, Indianapolis, is suing J.P. Morgan Chase & Co. in federal court, claiming two cathedral trusts lost a total of $13 million from investments managed by the firm from 2004 through 2013, court documents show.
Arizona PSPRS subpoena sought files related to Desert Troon, CIO letters
trueA federal grand jury investigating the $7.9 billion Arizona Public Safety Personnel Retirement System sought several hundred files related to PSPRS' investments with its largest real estate manager, Desert Troon Cos., and confidential letters the pension fund's Chief Investment Officer Ryan Parham ...
Lawsuit against Financial Engines a red flag for plan executives
trueGRQ Investment Management filed a lawsuit Aug. 8 against Financial Engines and Financial Engines Advisors in U.S. District Court claiming Financial Engines infringed on a pair of patents belonging to GRQ.
Villalobos trial delayed as new charge is added to indictment
trueThe trial of former CalPERS board member Alfred Villalobos was delayed on Friday by U.S. District Judge Charles Breyer to Feb. 23 to give the defense more time to respond to an expanded government corruption case.
Arizona PSPRS subpoena a public document, court rules
trueAn Arizona Superior Court has ruled that a federal grand jury subpoena received by the $7.9 billion Arizona Public Safety Personnel Retirement System is a public document and must be turned over to Judicial Watch, an open-government advocacy group in Washington.
Baltimore police and fire pension reforms upheld
trueA federal appeals court upheld reforms made to the $2.4 billion Baltimore City Fire & Police Employees Retirement System but left the door open for further challenges under a different legal argument.
Blackstone, KKR, TPG to pay $325 million to end LBO lawsuit
trueBlackstone Group, KKR & Co. and TPG Capital agreed to pay a combined $325 million to settle nearly 7-year-old claims they colluded to keep leveraged buyout prices low.
Lockheed Martin 401(k) class-action lawsuit approved for trial
trueA class-action lawsuit brought by employees of Lockheed Martin Corp., Bethesda, Md., has been approved for trial by a U.S. district court judge.
Wyoming to benefit from $340 million class-action settlement
trueThe $7.6 billion Wyoming Retirement System, Cheyenne, is receiving a portion of a $340 million settlement from a lawsuit against former executives and institutions associated with mortgage-backed securities sold by the failed savings and loan IndyMac Mortgage Services, state officials announced.
Barclays wants dark-pool lawsuit dismissed
trueBarclays on Thursday filed a motion to dismiss a lawsuit that claims the bank misled clients about the extent of high-frequency trading in its Barclays LX dark pool, saying the complaint does not identify any fraud and has “substantial factual errors.”
Church pension plan status rejected by U.S. District Court
trueIn one of five major class-action lawsuits challenging church-affiliated sponsors of defined benefit plans, a federal judge ruled Tuesday that the pension plan of Dignity Health is covered by ERISA.
Credit Suisse dumping fixed-income commodities trading
trueCredit Suisse will exit the commodities trading business.
Legal troubles could jeopardize BNP Paribas' U.S. growth plans
trueBNP Paribas Securities Services' plans to expand in the U.S. could be hampered because of last month's guilty plea by its French banking parent to processing $30 billion in transactions with countries that are under U.S. government sanction.