The Pension Benefit Guaranty Corporation has joined a lawsuit against Morgan Stanley, seeking $25 million in damages over risky pension investments the bank made for New York's Saint Vincent Catholic Medical Centres' pension plan and its participants.
A lawsuit over a few hundred dollars has ballooned into legal costs of more than 490x the original suit for Jacksonville's Police and Fire Pension Fund.
The $2.7 billion Kern County Employees' Retirement Association (KCERA) of California has filed a lawsuit against Wilshire Associates for loss of about $4 million.
New York State Comptroller Thomas P. DiNapoli has proposed legislation to codify his ban on the involvement of placement agents, paid intermediaries and registered lobbyists in investments with the Common Retirement Fund (CRF).
Consultancy Aon Hewitt cautions that while the pensions deficit for the UK’s largest companies remained stable in May, major changes to accounting standards could increase shortfalls by £10 billion.
The chief investment officer of the Massachusetts Pension Reserves Investment Management (MassPRIM) board says it has hired foreign-exchange transaction cost consultant FX Transparency to analyze the state system’s currency trades for 2009 and 2010.
Citigroup is aiming to dismiss efforts by Lehman Brothers to recover $1 billion in collateral that the investment bank was forced to post when it was approaching bankruptcy in 2008, Bloomberg is reporting.
A Houston pension plan has sued Highland Capital Management, the debt manager with about $22 billion in assets under management, and JPMorgan Chase & Co. over claims that willful looting led to the shutdown of the Highland Crusader Fund.
The Securities and Exchange Commission (SEC) is looking into whether both State Street and BNY Mellon misrepresented how they intended to conduct foreign exchange trades.
Jeffrey Baker, an SDCERA official, is alleging as part of a complaint that his job is being eliminated because he raised concerns over outside consultant Lee Partridge's risk limits, yet Partridge denies the assertions.
An appeals court has overturned the dismissal of a class-action lawsuit brought by investors against Countrywide Financial Corp. over risky mortgage-backed securities bought between 2005 and 2007.
An analysis by the Wall Street Journal shows that BNY Mellon Corp. violated it fiduciary duties by taking advantage of clients while trading currencies.
