Federal courts

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  1. High court won't review fiduciary breach, stock drop cases

    trueThe U.S. Supreme Court this month declined two cases involving defined contribution plans.

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  1. 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.

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  2. 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.

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  3. 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.

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  4. 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.

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  5. 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.

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  6. 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.

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  7. 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.

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  8. 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.

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  9. 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.

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  10. 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.

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  11. Challenges from 401(k) fiduciary breaches litigation

    trueWith ERISA entering its 41st year, commentators highlighting the landmark legislation's successes and failures have paid little attention to the newfound focus on fiduciary responsibility resulting from an increase in litigation from alleged fiduciary breaches, particularly in 401(k) defined ...

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  12. Judge rejects Citigroup request for dismissal of 401(k) fees suit

    trueA federal court judge in New York has rejected a Citigroup request for summary dismissal of a class-action lawsuit filed by two participants of a Citigroup 401(k) plan who allege the plan charged excessive fees.

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  13. Impact of Stockton decision uncertain

    trueIt remains to be seen whether a judge’s statement Wednesday that bankrupt Stockton, Calif., can cancel its contracts with CalPERS will have an impact on retirees and weaken vested pension rights.

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