Courts/legal news and video from Pensions & Investments
Public pension fund lawsuits piling up against BP
trueA slew of public pension funds filed lawsuits against BP PLC on April 18 for investment losses resulting from the Deepwater Horizon oil rig explosion and oil spill in April 2010.
Maryland State Retirement sues BP over Deepwater Horizon explosion
trueMaryland Attorney General Douglas F. Gansler's office announced on Friday it is filing a lawsuit against BP PLC for losses sustained by the $44 billion Maryland State Retirement & Pension System, Baltimore, as a result of the 2010 Deepwater Horizon oil rig explosion and oil spill.
Detroit Police & Fire Retirement System trustees approve pension deal
trueTrustees of the $3.4 billion Detroit Police & Fire Retirement System on Thursday morning approved the economic terms of a settlement that will eliminate the pension cuts included in the city's revised bankruptcy recovery plan, filed April 1 in U.S. Bankruptcy Court in Detroit.
Both sides in Tussey vs. ABB case file requests to appeal court ruling
truePlaintiffs and a defendant have filed dueling requests to appeal a recent court ruling in the complex ERISA fiduciary-breach case Tussey vs. ABB.
Riviera Beach retirement system resolves lawsuit with Aaron's Inc.
trueRiviera Beach (Fla.) General Employees' Retirement System preliminarily resolved a lawsuit it filed against Aaron's Inc. and its directors accusing the company of illegally restructuring its board in favor of management to deflect a proxy contest and possible takeover.
Tussey decision puts question mark over other float-income suits
trueFidelity Investments' recent victory in Tussey vs. ABB Inc. creates questions for plaintiffs in several other lawsuits alleging a similar fiduciary breach by Fidelity in its handling of float income.
Pension funds lose securities lending suit against Wells Fargo
trueWells Fargo & Co. did not breach its fiduciary duty when several pension funds lost money through the bank's securities lending program, a federal court judge in St. Paul, Minn., has ruled.
Supreme Court considers ESOP fiduciary dilemma
trueThe U.S. Supreme Court Wednesday debated the special burden placed on fiduciaries by the inclusion of employee stock options within defined contribution plans.
Pending Supreme Court case could make company stock option toxic
trueThe U.S. Supreme Court will hear oral arguments April 2 in a pivotal defined contribution case.
Supreme Court signals interest in 401(k) plan fiduciary case
trueThe U.S. Supreme Court signaled its interest in deciding whether 401(k) plan fiduciaries can be in breach of their duties over investment choices.
Novant Health participants file excessive-fee case
trueParticipants in two Novant Health Inc. 401(k) plans filed a class-action lawsuit Wednesday against company fiduciaries, alleging excessive fees paid to third-party service providers, imprudent investment choices and concealment of financial arrangements with the providers and a plan adviser.
SEC settles New York pay-to-play charges
trueSeven people involved in a pay-to-play scandal with the $160.7 billion New York State Common Retirement Fund, Albany, have settled charges brought by the SEC, the agency announced Monday.
Supreme Court to revisit time limit for investor lawsuits
trueThe Supreme Court agreed Monday to hear a case challenging a three-year time limit for investors to join or opt out of class-action lawsuits.
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.