Courts/legal news and video from Pensions & Investments
Supreme Court reconsiders class-action securities lawsuits
trueThe Supreme Court justices considered making it harder for investors to bring class-action securities lawsuits in a case argued before the court Wednesday.
Supreme Court declines to intervene in Sun Capital pension liability case
trueThe Supreme Court declined on Monday to intervene in a case challenging whether private equity firms could be liable for pension liabilities of portfolio companies.
U.S. court rules in favor of Chevron, says Ecuadorean judgment result of fraud
trueAn $18 billion judgment against Chevron Corp. in Ecuador over remediation for environmental damage was the result of fraud and is unenforceable in the U.S., according to a ruling released Tuesday by the U.S. District Court in New York.
Class actions at risk in Supreme Court challenge
trueInstitutional investors are holding their collective breath as the Supreme Court considers making it harder to bring class-action securities lawsuits.
Hedge fund employee charged with stealing quant computer code
trueAn employee of Two Sigma Investments, a quantitative hedge fund firm with $18 billion in assets, has been arrested and charged by New York prosecutors with stealing computer data and a program from the firm.
Settlement reached over Rhode Island pension system lawsuit
trueA lawsuit challenging proposed changes to Rhode Island's state pension system was settled Friday.
Ex-S.A.C. Capital fund manager Martoma found guilty of insider trading
trueFormer S.A.C. Capital Advisors fund manager Mathew Martoma was found guilty in the most lucrative insider-trading scheme ever as federal prosecutors racked up a seventh conviction in their six-year probe of the hedge fund and its billionaire founder Steven A. Cohen.
Kellogg Foundation pledges $40 million to help Detroit exit bankruptcy
trueThe $8.2 billion W.K. Kellogg Foundation, Battle Creek, Mich., committed $40 million to a philanthropic effort to assist Detroit's eventual emergence from Chapter 9 bankruptcy protection.
Union pension fund sues over Suntory acquisition of Beam
trueNECA-IBEW Pension Trust Fund filed suit Wednesday against Beam Inc. over its proposed takeover by Suntory Holdings Inc.
Arkansas Public Employees awarded $16.5 million from timber manager
trueNational Timber Partners was ordered to pay $16.5 million to the Arkansas Public Employees Retirement System, Little Rock, for breaching a contract with the $7.3 billion pension fund.
New York attorney general expands crime unit to focus on finance industry
trueNew York Attorney General Eric Schneiderman formed a new unit focused on fighting financial wrongdoing, expanding an existing criminal bureau two years after Gov. Andrew Cuomo created a financial regulator with a similar mandate.
Foundations step up to save Detroit's art, pension funds
trueFoundations are stepping up to help the city of Detroit with commitments of $330 million to reduce underfunding of the city's two public pension systems and keep the Detroit Institute of Arts' collection intact.
2 more Illinois retiree groups challenge constitutionality of pension reform law
trueTwo more Illinois retiree associations have joined the legal fray against the state's pension reform law, filing lawsuits on Thursday against the law's constitutionality.
Illinois Retired Teachers Association sues over state pension reform
trueThe Illinois Retired Teachers Association filed a lawsuit challenging the constitutionality of Illinois' recent pension reform law.
Labor Department sues ESOP trustee for Miller's Health Systems
trueThe Labor Department filed a lawsuit against PBI Bank Inc., the trustee of the Miller's Health Systems Inc. employee stock ownership plan.