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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.
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.
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.
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.
Judge allows institutional investors' lawsuit against Facebook to proceed
trueAn investor lawsuit led by North Carolina Retirement Systems against Facebook Inc. and its IPO underwriters can proceed, a federal judge ruled Wednesday.
Not so fast in applying Detroit bankruptcy precedent — at least in California
trueLest California cities in, or considering, bankruptcy get too euphoric over the mileage they might get from the Detroit ruling on public employee pension rights (“Detroit ruling reverberates with pension funds around country,” Pensions & Investments Dec. 9), a check under the hood might be useful.
Supreme Court declines to stop 401(k) excessive fee case
trueA class-action lawsuit brought by employees of Lockheed Martin Corp. can proceed to trial now that the U.S. Supreme Court declined to hear the company's appeal on Monday.
Federal court rejects church plan status for Dignity Health
trueIn the first decision among five major class-action lawsuits challenging church-affiliated sponsors of defined benefit plans, a federal judge found that ERISA rules do apply.
Detroit pension funds can go straight to U.S. appeals court
truePension funds opposing Detroit's reorganization were allowed by the judge overseeing the case to go directly to the U.S. Court of Appeals in Cincinnati in their effort to pull the city out of bankruptcy.
Supreme Court accepts 401(k) employer stock-drop case
trueThe U.S. Supreme Court on Friday agreed to revisit the issue of fiduciary prudence in managing employer stock investment options in defined contribution plans.
Judge rules Detroit may reduce pension benefits as part of bankruptcy case
trueDetroit was officially deemed bankrupt by Judge Steven W. Rhodes in U.S. Bankruptcy Court in Detroit on Tuesday.