Courts/legal news and video from Pensions & Investments
Illinois court to hear arguments on pension reform law's constitutionality
trueA Sangamon County Circuit Court judge was set to hear oral arguments Thursday over the constitutionally of Illinois' pension reform law passed last year.
CalPERS to go unchallenged in San Bernardino bankruptcy plan
trueSan Bernardino said it won't try to reduce its obligations to the $296 billion California Public Employees' Retirement System despite a recent ruling opening the powerful pension fund to such challenges in bankruptcy court.
Michigan pension fund sues Hanger Inc. over alleged misrepresentations
truePontiac (Mich.) General Employees Retirement System filed a securities class-action lawsuit Wednesday on behalf of shareholders of Hanger Inc., an Austin, Texas-based orthotic products and services company.
Court dismisses lawsuit challenging Atlanta pension reform
trueA Fulton County Superior Court judge dismissed on Wednesday a lawsuit challenging the constitutionality of higher employee contributions for participants in Atlanta’s three pension funds.
Kentucky Teachers' Retirement sued for not addressing 'dire' funded status
trueA high school teacher in Louisville, Ky., filed a lawsuit against the Kentucky Teachers' Retirement System, charging the Frankfort-based system with failing to adequately address its “dire” funded status.
Supreme Court won't review Tussey vs. ABB fiduciary breach case
trueThe U.S. Supreme Court on Monday declined a petition that it review Tussey et al. vs. ABB Inc. et al., a fiduciary breach case that has been closely watched by the definehttp://edit.pionline.com/apps/pbcsedit.dll/redd contribution plan community.
Labor Department files lawsuit against fiduciaries of Severstal Wheeling Inc.
trueThe Labor Department filed a lawsuit against the fiduciaries of two Severstal Wheeling Inc. defined contribution plans, alleging the fiduciaries “imprudently invested” plan assets, resulting in plan losses in excess of $7 million, court documents show.
Justice Department targets J.P. Morgan Chase forex business in criminal probe
trueJ.P. Morgan Chase & Co.'s foreign exchange trading business is the target of a criminal probe by the U.S. Department of Justice, said a company filing with the SEC Monday.
Supreme Court hears arguments on Omnicare securities case
truehe Supreme Court heard arguments Monday in a lawsuit challenging whether investors have a legal case if a securities registration statement contains opinions that could be considered misleading.
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.