Courts/legal news and video from Pensions & Investments
Judge rules Detroit may reduce pension benefits as part of bankruptcy case
trueDetroit was officially deemed bankrupt by Judge Steven W. Rhodes in U.S. Bankruptcy Court in Detroit on Tuesday.
Supreme Court asked to clarify company stock issue in 401(k) plans
trueThe appeal of company stock as an investment option in 401(k) plans could dim considerably if the Department of Labor succeeds in having the U.S. Supreme Court revisit the issue of fiduciary prudence in managing that option.
Argentina loses bid for full-court rehearing of bond appeal
trueArgentina lost its bid for a rehearing of a federal appeals court ruling against it in litigation over $1.5 billion in the nation's defaulted bonds.
Supreme Court to revisit investor class actions
trueThe Supreme Court agreed Nov. 15 to reconsider a key legal precedent that investors rely on when bringing class-action lawsuits. The petition was brought by Halliburton Co. and backed by numerous business groups alarmed at what they see as the ease of bringing such suits.
Judge gives nod to CFTC-MF Global settlement
trueA federal judge approved a settlement between the Commodity Futures Trading Commission and MF Global Inc. in which the futures broker will repay $1.2 billion to customers and other creditors who lost money when MF Global went out of business in October 2011.
Ruling upholds Virginia Retirement System, AIMCo complaint against MF Global
trueVirginia Retirement System and Alberta Investment Management Corp. may proceed with their class-action securities lawsuit against MF Global Holdings Ltd.; Jon S. Corzine, who was its chairman and CEO; and Goldman Sachs among other defendants, after a ruling Tuesday in U.S. District Court.
S&P: California's lawsuit over ratings is attack on free speech
trueStandard & Poor's is asking a California judge to rule that its credit ratings are opinions protected by state law.
Illinois SURS sues global banks for monopolizing CDS markets
trueIllinois State Universities Retirement System, Champaign, accused J.P. Morgan Chase, Goldman Sachs, Bank of America, and 11 other global banking institutions and dealer groups for monopolizing the credit default swap markets, inflating transaction costs and obstructing formation of alternative CDS platforms, according to a lawsuit filed in U.S. District Court in New York.
CFTC accuses AlphaMetrix of misappropriating $2.8 million
trueAlphametrix was accused of misappropriating $2.8 million belonging to pool participants in a lawsuit filed by the Commodity Futures Trading Commission.
S.A.C. accepts guilt for insider trading in $1.8 billion SEC settlement
trueS.A.C. Capital Advisors and three affiliated companies will plead “guilty to every count” of an insider-trading indictment and will pay an additional $1.2 billion to settle charges.
Sunkist Growers ordered to reimburse plans for $1.6 million
trueSunkist Growers Inc. and its pension plan fiduciaries were ordered by a federal judge to restore $1.6 million in plan losses to the company's three defined benefit plans. Sunkist Growers must also pay a 20% penalty of $324,000 for misused funds and lost opportunity income.
CalPERS to appeal San Bernardino's bankruptcy eligibility
trueCalPERS will appeal a judge’s ruling that found the city of San Bernardino eligible to remain in Chapter 9 bankruptcy.
Judge questions Detroit pension claims
trueA federal judge questioned whether pension rights for Detroit's municipal workers can be guaranteed by the Michigan Constitution, as claimed by current and retired employees seeking to have the city's $18 billion bankruptcy case thrown out.
California sues Labor Department for denying transit funding because of pension reform
trueCalifornia filed a lawsuit against the Department of Labor on Friday for “improperly denying federal grants to California public transit works after it erroneously concluded that the pension reforms constrain workers' collective bargaining rights, according to a news release from Gov. Edmund G. ...
International Paper agrees to pay $30 million to settle 401(k) suit
trueInternational Paper Co. agreed to pay current and former employees a total of $30 million to settle a class-action lawsuit.