Courts/legal news and video from Pensions & Investments
Appeals court allows Amgen stock-drop case to continue
trueA federal appeals court judge ruled Thursday that an ERISA case challenging a presumption of prudence for employee stock ownership plans can continue.
Lawsuit by Girl Scout council dismissed
trueA federal appeals court dismissed a lawsuit against the Girl Scouts of the USA brought by a local council, ruling that member employers in multiple-employer defined benefit plans have little recourse under the Employee Retirement Income Security Act to challenge unilateral actions by plan sponsors.
eVestment countersues Compass iTech
trueeVestment filed a countersuit against Compass iTech, alleging the company illegally entered the eVestment database on several occasions and stole restricted data for its own commercial gain.
Compass iTech files suit against eVestment for 'campaign' against the firm
trueCompass iTech filed a lawsuit against eVestment for allegedly leading a “disruptive and destructive campaign” against the company and its data entry tool, ProFusion, following failed acquisition talks, said J.P. Hervis, Compass spokesman, in an e-mail.
Colorado high court upholds COLA reduction for state pension fund
trueThe Colorado Supreme Court ruled Monday that the reduction to cost-of-living adjustments for Colorado Public Employees Retirement Association members approved under earlier legislation was constitutional, court documents show.
Political groups appeal SEC pay-to-play rule
trueA federal limit on political contributions by money managers doing business with public pension funds is working so well that some political groups are continuing to challenge it in court.
Challenges from 401(k) fiduciary breaches litigation
trueWith ERISA entering its 41st year, commentators highlighting the landmark legislation's successes and failures have paid little attention to the newfound focus on fiduciary responsibility resulting from an increase in litigation from alleged fiduciary breaches, particularly in 401(k) defined ...
Judge rejects Citigroup request for dismissal of 401(k) fees suit
trueA federal court judge in New York has rejected a Citigroup request for summary dismissal of a class-action lawsuit filed by two participants of a Citigroup 401(k) plan who allege the plan charged excessive fees.
Impact of Stockton decision uncertain
trueIt remains to be seen whether a judge’s statement Wednesday that bankrupt Stockton, Calif., can cancel its contracts with CalPERS will have an impact on retirees and weaken vested pension rights.
Supreme Court agrees to hear case on fiduciary breach time limits
trueThe Supreme Court agreed Thursday to decide whether 401(k) plan fiduciaries can be sued for more expensive investment choices made years earlier.
Citigroup ordered to turn over Banamex files to pension fund
trueCitigroup Inc., which is probing reports its Mexican unit was involved in $430 million of fraudulent loans, was ordered by a judge to turn over internal records about the deals to an Oklahoma pension fund suing the bank.
Church plan fiduciaries can be sued, U.S. judge says
trueFiduciaries of church-affiliated defined benefit plans can be sued for breach of duty, even if the plan has church plan status, a federal judge has ruled.
J.P. Morgan loses ruling on class certification in RMBS lawsuit
trueJ.P. Morgan Chase & Co. lost a bid to block buyers of $10 billion worth of residential mortgage-backed securities it packaged in 2007 to proceed as a group with their lawsuit alleging the bank misled them.
Supreme Court passes on securities lawsuit timing case
trueThe U.S. Supreme Court decided not to weigh in on a case brought by the $25.1 billion Mississippi Public Employees' Retirement System challenging the time limits for investors to join or opt out of class-action lawsuits.
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.