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Amending the Illinois Constitution a tough path for pension reform
trueIf Illinois' new pension law is found unconstitutional, which looks more likely in light of a recent state Supreme Court decision, one obvious remedy is to amend the state constitution.
Illinois Supreme Court ruling could be omen for pension reform lawsuit
trueThe Illinois Supreme Court ruled Thursday that the state cannot diminish or impair health insurance premium subsidies for retired state employees.
Gov. Christie wins court ruling on pension contribution cuts
trueNew Jersey Gov. Chris Christie won a key ruling when a judge ruled that he was within his rights to cut contributions to the $76.8 billion New Jersey Pension Fund for the year ending June 30.
Christie defends decision to slash N.J. pension contributions
trueAttorneys for New Jersey Gov. Chris Christie said his decision to withhold certain state payments to the New Jersey Pension Fund for the current fiscal year and the next fiscal year is legally permissible so he can meet his constitutional duties of preparing balanced budgets.
New Jersey unions lining up to sue over reduced pension fund contributions
trueMore than a dozen unions have sued the state of New Jersey and Gov. Chris Christie trying to prevent him from withholding state payments to the $76.8 billion New Jersey Pension Fund.
New Jersey unions file lawsuit over reduced pension contributions
trueThree New Jersey state troopers unions filed a lawsuit Thursday against New Jersey Gov. Chris Christie, Treasurer Andrew Sidamon-Eristoff and the state Legislature, charging that state reductions in pension contributions violate the law.
Appeals court rules S&P, Moody's must face CalPERS subprime lawsuit
trueA California Court of Appeals panel allowed a lawsuit by the California Public Employees' Retirement System to proceed against two firms' ratings on subprime mortgages that led to $800 million in losses for the $293 billion pension fund.
Judge puts Illinois pension reform law on hold until constitutionality is decided
trueA Sangamon County Circuit Court judge on Wednesday granted “a temporary restraining order and preliminary injunction” on Illinois' pension reform law passed last year, according to a news release from We Are One Illinois, one of several organizations contesting the constitutionality of the law.
Court rejects Houston lawsuit against city's firefighters pension fund
trueTexas state district court Judge Patricia J. Kerrigan on May 7 rejected Houston's petition to declare unconstitutional the law under which the Houston Firefighters' Relief and Retirement Fund operates, according to court documents provided by Darian Ward, press secretary for Houston Mayor Annise ...
Riviera Beach retirement system resolves lawsuit with Aaron's Inc.
trueRiviera Beach (Fla.) General Employees' Retirement System preliminarily resolved a lawsuit it filed against Aaron's Inc. and its directors accusing the company of illegally restructuring its board in favor of management to deflect a proxy contest and possible takeover.
Hedge fund employee charged with stealing quant computer code
trueAn employee of Two Sigma Investments, a quantitative hedge fund firm with $18 billion in assets, has been arrested and charged by New York prosecutors with stealing computer data and a program from the firm.
Settlement reached over Rhode Island pension system lawsuit
trueA lawsuit challenging proposed changes to Rhode Island's state pension system was settled Friday.
Union pension fund sues over Suntory acquisition of Beam
trueNECA-IBEW Pension Trust Fund filed suit Wednesday against Beam Inc. over its proposed takeover by Suntory Holdings Inc.
Arkansas Public Employees awarded $16.5 million from timber manager
trueNational Timber Partners was ordered to pay $16.5 million to the Arkansas Public Employees Retirement System, Little Rock, for breaching a contract with the $7.3 billion pension fund.
New York attorney general expands crime unit to focus on finance industry
trueNew York Attorney General Eric Schneiderman formed a new unit focused on fighting financial wrongdoing, expanding an existing criminal bureau two years after Gov. Andrew Cuomo created a financial regulator with a similar mandate.