Federal courts

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  1. 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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  1. 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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  2. 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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  3. Supreme Court agrees to hear case on fiduciary breach time limits

    trueThe Supreme Court agreed Thursday to decide whether 401(k) plan fiduciaries can be sued for more expensive investment choices made years earlier.

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  4. Citigroup ordered to turn over Banamex files to pension fund

    trueCitigroup Inc., which is probing reports its Mexican unit was involved in $430 million of fraudulent loans, was ordered by a judge to turn over internal records about the deals to an Oklahoma pension fund suing the bank.

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  5. Church plan fiduciaries can be sued, U.S. judge says

    trueFiduciaries of church-affiliated defined benefit plans can be sued for breach of duty, even if the plan has church plan status, a federal judge has ruled.

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  6. J.P. Morgan loses ruling on class certification in RMBS lawsuit

    trueJ.P. Morgan Chase & Co. lost a bid to block buyers of $10 billion worth of residential mortgage-backed securities it packaged in 2007 to proceed as a group with their lawsuit alleging the bank misled them.

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  7. Supreme Court passes on securities lawsuit timing case

    trueThe U.S. Supreme Court decided not to weigh in on a case brought by the $25.1 billion Mississippi Public Employees' Retirement System challenging the time limits for investors to join or opt out of class-action lawsuits.

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  8. Mississippi PERS' Supreme Court case should be heard, lawyers say

    trueA proposed settlement in a mortgage-backed securities lawsuit should not stop the U.S. Supreme Court from hearing a related case brought by the $25.1 billion Mississippi Public Employees' Retirement System, lawyers involved told the court in briefs filed Thursday.

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  9. Why the Halliburton decision matters

    trueThe U.S. Supreme Court’s ruling in Halliburton Co. et al. vs. Erica P. John Fund Inc. is a significant victory for institutional investors in pursing securities class-action lawsuits.

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  10. S.A.C. Capital portfolio manager gets 9 years for insider trading

    trueFormer S.A.C. Capital Advisors LP portfolio manager Mathew Martoma was sentenced to nine years in prison for the most lucrative insider-trading scheme in history.

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  11. Alaska pension fund alleges 13 banks colluded on derivatives benchmark

    trueAlaska Electrical Pension Fund, Anchorage, filed a lawsuit Thursday charging that 13 banks conspired to fix the ISDAfix benchmark rate, a “key interest rate for a broad range of interest rate derivatives and other financial instruments,” according to the filing.

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  12. High court seen likely to take ERISA fidicuary-breach case

    trueChances have improved that the Supreme Court could rule on an ERISA fiduciary-breach case involving a dispute over how courts should interpret the law's statute of limitations on fiduciary-breach lawsuits, ERISA attorneys say.

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  13. Cox Enterprises ordered to pay $13.9 million to PBGC for News-Journal plan

    trueCox Enterprises Inc. will have to give the Pension Benefit Guaranty Corp. $13.9 million to cover the unfunded pension liabilities of News-Journal Corp.

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