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trueLitigation, regulation, legislation and some consternation emerged as dominant themes at the annual Pensions & Investments' East Coast Defined Contribution Conference, held March 1-3 in Miami.
Supreme Court hears arguments on fiduciary breach lawsuit; decision expected before summer
trueThe Supreme Court heard arguments Tuesday in a case questioning how to interpret the Employee Retirement Income Security Act's six-year statute of limitations on fiduciary breach lawsuits.
Northern Trust to pay $36 million in securities lending settlement
trueNorthern Trust Corp. will pay $36 million to settle a class-action lawsuit filed by 1,500 retirement plans that accused the firm of causing large losses stemming from the bank's securities lending program during the financial crisis
Ohio PERS seeks lead-plaintiff status in Petrobras lawsuit
trueOhio Public Employees Retirement System is seeking lead-plaintiff status in a consolidated class-action lawsuit against Brazilian oil and gas company Petroleo Brasileiro SA for violations of federal securities laws.
Fiduciary breach issue gets Supreme Court hearing
trueThe U.S. Supreme Court is scheduled to hear arguments next month in an ERISA case that could greatly expand guidelines for defined contribution plan executives' fiduciary responsibilities.
NYC Retirement Systems, TIAA-CREF join in lawsuits against American Realty
trueNew York City Retirement Systems and TIAA-CREF have joined a group of investors that allege American Realty Capital Properties, a real estate investment trust, and others violated federal securities laws.
Ex-CalPERS executive Villalobos facing corruption trial dies
trueAlfred Villalobos, a former California Public Employees' Retirement System board member scheduled to stand trial next month for conspiracy and bribery charges, has died in a Nevada gun club.
Judge rejects motion to dismiss in Advocate church plan case
trueA church plan challenge filed against Advocate Health Care Network Pension Plan can proceed, a federal judge ruled Dec. 31.
J.P. Morgan settles investor foreign-exchange rigging lawsuit
trueJ.P. Morgan Chase & Co. agreed to settle a lawsuit over its role as one of a number of banks that allegedly rigged prices in the $5 trillion-a-day foreign-exchange market.
Judge allows Eastman Kodak stock-drop case to continue
trueA stock drop case against Eastman Kodak Co. and plan fiduciaries is allowed to continue.
AlphaMetrix to pay $5.6 million in penalties, restitution for diverting rebates
trueAlphaMetrix will pay a $2.8 million penalty and an additional $2.8 million in restitution to participants in its commodities trading pool for taking rebates that were to be reinvested into its pools and diverting the assets to AlphaMetrix’s parent company, as part of a settlement approved Tuesday ...
Lockheed reaches agreement to settle 401(k) fee case
trueA class-action lawsuit brought by employees of Lockheed Martin Corp. alleging excessive 401(k) plan fees is in the process of being settled.
Lockheed 401(k) lawsuit on hold to see if trial can be avoided
trueLockheed Martin Corp. and its workers and retirees agreed to delay a trial over its retirement plans by a day to see whether the dispute can be settled out of court.
Brief filed in Supreme Court fiduciary-breach case; date set for Lockheed 401(k) trial
trueThe Supreme Court should not prevent 401(k) plan fiduciaries from being sued for more expensive investment choices made years earlier, petitioners argued in a brief filed Tuesday in Tibble et al. vs. Edison International et al.
Dignity Health allowed to appeal church plan ruling
trueA federal judge is allowing Dignity Health to challenge his ruling that the church-affiliated defined benefit plan sponsor is covered by the Employee Retirement Income Security Act.