Courts/legal news and video from Pensions & Investments
Barclays wants dark-pool lawsuit dismissed
trueBarclays on Thursday filed a motion to dismiss a lawsuit that claims the bank misled clients about the extent of high-frequency trading in its Barclays LX dark pool, saying the complaint does not identify any fraud and has “substantial factual errors.”
Church pension plan status rejected by U.S. District Court
trueIn one of five major class-action lawsuits challenging church-affiliated sponsors of defined benefit plans, a federal judge ruled Tuesday that the pension plan of Dignity Health is covered by ERISA.
Credit Suisse dumping fixed-income commodities trading
trueCredit Suisse will exit the commodities trading business.
Legal troubles could jeopardize BNP Paribas' U.S. growth plans
trueBNP Paribas Securities Services' plans to expand in the U.S. could be hampered because of last month's guilty plea by its French banking parent to processing $30 billion in transactions with countries that are under U.S. government sanction.
Amending the Illinois Constitution a tough path for pension reform
trueIf Illinois' new pension law is found unconstitutional, which looks more likely in light of a recent state Supreme Court decision, one obvious remedy is to amend the state constitution.
BP employees can sue for stock losses, appeals court says
trueBP PLC employees can sue managers of the company’s retirement plan over losses related to the 2010 Gulf of Mexico oil spill, a U.S. appeals court said.
Ex-CalPERS CEO Buenrostro pleads guilty, admits to taking cash bribes of $200,000
trueFormer CalPERS CEO Federico R. Buenrostro pleaded guilty Friday to a charge of conspiracy to commit bribery and fraud, admitting he received $200,000 in cash bribes — in paper bags and a shoe box — from placement agent Alfred Villalobos as part of a plan to influence CalPERS’ investment decisions.
State Street reaches $60 million settlement over shareholder lawsuit
trueState Street Corp. has reached a $60 million settlement on a class-action lawsuit led by the $24 billion Mississippi Public Employees' Retirement System, Jackson, and Union Asset Management Holding AG, regarding its foreign-exchange trading services.
End of prudence presumption raising employer stock questions
trueThe U.S. Supreme Court ruling in Fifth Third Bancorp. et al. vs. Dudenhoeffer et al. has injected uncertainty into defined contribution plans' use of employer stock in investment menus.
Court offers guidelines to determine trial likelihood
trueThe U.S. Supreme Court's decision in Fifth Third Bancorp et al. vs. Dudenhoeffer et al. removed the presumption of prudence standard often used by defined contribution plans to defend their use of employer-stock against fiduciary-breach lawsuits when the company stock sank.
Precedent is upheld on class-action lawsuits that are spurred by stock losses
truePension funds and other institutional shareholders pursuing securities class-action lawsuits got a big vote of confidence from the Supreme Court in late June that could lead to more scrutiny of corporate and market practices, and more financial recovery, some experts say.
Court backs efficient market
trueThe U.S. Supreme Court made the right decision when it rejected a presumption of prudence as a defense in company stock-drop cases, replacing it with a presumption of market efficiency.
Illinois Supreme Court ruling could be omen for pension reform lawsuit
trueThe Illinois Supreme Court ruled Thursday that the state cannot diminish or impair health insurance premium subsidies for retired state employees.
Gov. Christie wins court ruling on pension contribution cuts
trueNew Jersey Gov. Chris Christie won a key ruling when a judge ruled that he was within his rights to cut contributions to the $76.8 billion New Jersey Pension Fund for the year ending June 30.
Supreme Court rejects 'presumption of prudence' defense in ESOP lawsuits
trueThe U.S. Supreme Court on Wednesday unanimously rejected a frequently used, successful defense by companies against stock-drop lawsuits filed by defined contribution plan participants.