In Surprise Move, Canada Blocks BHP's Potash Bid
BHP has 30 days to appeal and convince the federal government that its offer is of “net benefit” to the country, at which point the government will make a final decision.
Regulation
Oregon Sues Bear Stearns for $17 Million Over Losses
The state of Oregon is suing former financial giant Bear Stearns,
alleging the company issued misleading information about securities.
Former San Diego Officials to Pay Penalties in SEC Municipal Bond Fraud Case
Four former San Diego officials have agreed to pay financial penalties to settle SEC charges accusing them of misleading municipal bond investors about the city’s fiscal problems.
US Department of Labor Sues Investment Managers and Advisors Over Madoff Investments
New York-based Ivy Asset Management, Beacon Associates Management, J.P. Jeanneret Associates, Andover Associates Management and their principals have been sued by the Department of Labor for allegedly failing to examine swindler Bernard Madoff’s business practices and consequently losing millions in pension money.
US Department of Labor to Expand Definition of 'Fiduciary'
In an effort to protect participants from conflicts of interest and self-dealing, the Department of Labor (DoL) has proposed expanding its definition of the term "fiduciary" under federal retirement law.
Gubernatorial Candidate Bill White Says Texas Investments Politically Connected, TRS Denies
Bill
White, the Democrat challenging Gov. Rick Perry, has accused the
governor and his appointees of pressuring the staff of the Teacher
Retirement System (TRS) to pick investment companies benefiting Perry
contributors, yet an external investigative party has stated there are
no improprieties with respect to how the investment decisions at TRS were made.
PAAMCo Refutes Allegations It Misled Investors Over Women-Owned Status
Pacific Alternative Asset Management Company (PAAMCo) is in the spotlight over whether it was "designed to mislead" by appearing as a women-owned business.
Law Firm Manatt Phelps & Phillips Settles Role in NY Pension Investigation
The law firm has agreed to a five-year ban from appearing before all New York public pension funds and will comply with the attorney general’s reform code of conduct.
Two Former State Street Execs Battle SEC Charges
The regulator is charging two former top State Street Corp. executives of misleading investors in a bond fund at the center of a $313 million settlement between parent State Street and the SEC earlier this year.
US Chamber, Business Roundtable Sue SEC Over Board Nominations
The country's biggest business lobby and another business group are
challenging the Securities and Exchange Commission's new rules that make
it easier for shareholders to nominate directors of public companies
and to oust sitting directors.
Norway's Central Bank Sues Citigroup for Stock, Bond Losses
The lawsuit is the latest in a string of legal actions against Citigroup and other large US institutions from investors who lost money in the economic downturn.
SEC Requires Placement Agents to Register by Oct. 1
As part of the Dodd-Frank bill, about 1,000 unregistered placement agents for institutional money managers will have to register with the Securities and Exchange Commission by October 1.
SEC Delves Into High-Frequency Trading Restrictions
In a speech that comes just before the SEC's report on the "flash crash," the regulator's chairman provided an early indication of how her agency wants to construct a more scrutinized derivatives market.
Morgan Stanley Execs Fight for Dismissal of Shareholder Suit Over Pay
Morgan Stanley lawyers have argued that shareholders had not shown legal standing to seek damages at trial and are seeking to dismiss their lawsuit, partly on grounds that the allegations were too vague.
Ex-Intrepid Museum Chief to Pay $1 Million in Cuomo's Pension Probe
Bill White, the former president of the Intrepid Sea, Air and Space Museum, has agreed to pay $1 million to end the investigation of his role in funneling investments to the New York's Common Retirement fund.