Courts/legal news and video from Pensions & Investments
Mississippi PERS' Supreme Court case should be heard, lawyers say
trueA proposed settlement in a mortgage-backed securities lawsuit should not stop the U.S. Supreme Court from hearing a related case brought by the $25.1 billion Mississippi Public Employees' Retirement System, lawyers involved told the court in briefs filed Thursday.
Plumbers & Steamfitters union sues over AbbVie, Shire merger
truePlumbers & Steamfitters Local 60 Pension Plan, Metairie, La., filed a class-action lawsuit on Monday against AbbVie Inc., several AbbVie executives and Shire PLC regarding the combination of the two firms.
San Diego County pension fund sues county over salary caps
trueSan Diego County Employees Retirement Association has sued San Diego County to allow it to set the salary of all of the $10 billion pension fund's employees.
Why the Halliburton decision matters
trueThe U.S. Supreme Court’s ruling in Halliburton Co. et al. vs. Erica P. John Fund Inc. is a significant victory for institutional investors in pursing securities class-action lawsuits.
S.A.C. Capital portfolio manager gets 9 years for insider trading
trueFormer S.A.C. Capital Advisors LP portfolio manager Mathew Martoma was sentenced to nine years in prison for the most lucrative insider-trading scheme in history.
Alaska pension fund alleges 13 banks colluded on derivatives benchmark
trueAlaska Electrical Pension Fund, Anchorage, filed a lawsuit Thursday charging that 13 banks conspired to fix the ISDAfix benchmark rate, a “key interest rate for a broad range of interest rate derivatives and other financial instruments,” according to the filing.
High court seen likely to take ERISA fidicuary-breach case
trueChances have improved that the Supreme Court could rule on an ERISA fiduciary-breach case involving a dispute over how courts should interpret the law's statute of limitations on fiduciary-breach lawsuits, ERISA attorneys say.
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.