Courts/legal news and video from Pensions & Investments
California Supreme Court denies hearing on COLA reform for San Francisco pension fund
trueThe California Supreme Court on Wednesday denied petitions for review on a decision handed down by a state court of appeals regarding supplemental cost-of-living adjustment changes for participants in the $20 billion San Francisco City & County Employees’ Retirement System.
Solicitor general recommends Supreme Court decline RJR reverse stock-drop case
trueU.S. Solicitor General Donald B. Verrilli Jr. said the U.S. Supreme Court should not review RJR Pension Investment Committee et al. vs. Richard Tatum et al., a complex reverse stock-drop case pending before the court.
Supreme Court declines to hear Verizon case on pension fund switch
trueThe U.S. Supreme Court declined to hear a case filed by retirees of Verizon Communications, claiming they and other employees were involuntarily switched from Verizon's pension fund to a spinoff company.
Supreme Court rules against Edison in 401(k) fiduciary breach case
trueThe U.S. Supreme Court on Monday broadened the responsibility of defined contribution plans, saying they have a “continuing duty to monitor trust investments and remove imprudent ones” even though federal law sets a six-year time limit for lawsuits alleging breaches of fiduciary duty.
PBGC to pay $5.5 million to retired US Airways pilots
trueThe PBGC will pay $5.25 million to a group of retired US Airways pilots whose lump-sum payments were delayed, under a class-action settlement approved by the U.S. District Court for the District of Columbia.
Patriarch Partners files suit to have SEC charges heard in U.S. District Court
truePatriarch Partners and CEO Lynn Tilton are fighting back against charges announced by the SEC on Monday involving three of the private equity firm's funds.
Ameriprise Financial to pay $27.5 million in settlement with 401(k) participants
trueAmeriprise Financial Inc. will pay $27.5 million as part of a preliminary settlement with participants in its 401(k) plan, said a court document published Thursday.
Supreme Court clarifies litigation path for securities statements
trueThe U.S. Supreme Court on Tuesday remanded a case challenging whether investors can successfully sue if a securities registration statement contains potentially misleading opinions.
SEC pay-to-play critics get their day in court
trueRepublican state committees in New York and Tennessee asked a federal appeals court in Washington on Monday to overturn the Securities and Exchange Commission’s pay-to-play rule.
Supreme Court could take on case involving fiduciary burden of proof, damages
trueThe Supreme Court signaled its interest in taking a case questioning whether fiduciaries bear the burden of proof and whether they can be liable for monetary damages.
Delaware bar association law council recommends fee-shifting limits
trueA 2014 Delaware Supreme Court decision allowing corporations to shift legal fees to investors bringing lawsuits could be largely undone, following recommendations made from Delaware state bar experts.
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