Courts/legal news and video from Pensions & Investments
trueLitigation, regulation, legislation and some consternation emerged as dominant themes at the annual Pensions & Investments' East Coast Defined Contribution Conference, held March 1-3 in Miami.
Supreme Court hears arguments on fiduciary breach lawsuit; decision expected before summer
trueThe Supreme Court heard arguments Tuesday in a case questioning how to interpret the Employee Retirement Income Security Act's six-year statute of limitations on fiduciary breach lawsuits.
N.J. governor's budgeted pension contribution less than half of amount promised
trueNew Jersey Gov. Chris Christie proposed a fiscal year 2016 budget Tuesday that cuts a promised pension payment by more than half a day after a judge ruled he must contribute an additional $1.6 billion to the pension fund for the 2015 fiscal year after Mr. Christie initially withheld that payment.
Northern Trust to pay $36 million in securities lending settlement
trueNorthern Trust Corp. will pay $36 million to settle a class-action lawsuit filed by 1,500 retirement plans that accused the firm of causing large losses stemming from the bank's securities lending program during the financial crisis
Ohio PERS seeks lead-plaintiff status in Petrobras lawsuit
trueOhio Public Employees Retirement System is seeking lead-plaintiff status in a consolidated class-action lawsuit against Brazilian oil and gas company Petroleo Brasileiro SA for violations of federal securities laws.
Fiduciary breach issue gets Supreme Court hearing
trueThe U.S. Supreme Court is scheduled to hear arguments next month in an ERISA case that could greatly expand guidelines for defined contribution plan executives' fiduciary responsibilities.
NYC Retirement Systems, TIAA-CREF join in lawsuits against American Realty
trueNew York City Retirement Systems and TIAA-CREF have joined a group of investors that allege American Realty Capital Properties, a real estate investment trust, and others violated federal securities laws.
Ex-CalPERS executive Villalobos facing corruption trial dies
trueAlfred Villalobos, a former California Public Employees' Retirement System board member scheduled to stand trial next month for conspiracy and bribery charges, has died in a Nevada gun club.
Investors, companies to fight over who pays litigation fees
trueBattle lines are being drawn over last year's Delaware court ruling that lets companies shift legal fees to investors bringing lawsuits.
Judge rejects motion to dismiss in Advocate church plan case
trueA church plan challenge filed against Advocate Health Care Network Pension Plan can proceed, a federal judge ruled Dec. 31.
J.P. Morgan settles investor foreign-exchange rigging lawsuit
trueJ.P. Morgan Chase & Co. agreed to settle a lawsuit over its role as one of a number of banks that allegedly rigged prices in the $5 trillion-a-day foreign-exchange market.
Second suit filed over legality of Chicago pension reform
trueA second lawsuit challenging the legality of a 2014 Chicago pension reform law was filed in Cook County Circuit Court Monday.
Highland Capital wins $40 million award in Credit Suisse case
trueHighland Capital Management won a $40 million jury award after successfully arguing Credit Suisse AG duped the debt manager into refinancing a shaky real estate development.
Judge allows Eastman Kodak stock-drop case to continue
trueA stock drop case against Eastman Kodak Co. and plan fiduciaries is allowed to continue.
AlphaMetrix to pay $5.6 million in penalties, restitution for diverting rebates
trueAlphaMetrix will pay a $2.8 million penalty and an additional $2.8 million in restitution to participants in its commodities trading pool for taking rebates that were to be reinvested into its pools and diverting the assets to AlphaMetrix’s parent company, as part of a settlement approved Tuesday ...