Following
Goldman Sachs' $550 million settlement with the US Securities and
Exchange Commission, the bank faces yet another fine, this time by the
UK's Financial Services Authority.
China has approved insurers to hold stakes and invest in private equity and property of privately-held companies to ease insurers' investment pressure and diversify risks, according to the the China Insurance Regulatory Commission.
In response to pay scandals in the Los Angeles city of Bell, California lawmakers advanced legislation early this week to curb "pension spiking" in the state´s two largest pension systems.
The US Securities and Exchange Commission (SEC) has warned that it will bring more high-profile enforcement actions against Wall Street over the financial crisis.
Connecticut's attorney general alleges that Thomas Kannam's “golf outing of the century” in California, a Super Bowl outing, and a trip to the United Kingdom with his entire family to interview for a job at Cambridge University were flagrant abuses of both his power and of the university's endowment assets.
In the first suit by the Securities and Exchange Commission (SEC) against a state for securities fraud, the regulator claimed that when New Jersey issued $26 billion in bonds between 2001 and 2007, it fraudulently and erroneously portrayed its pension funds as adequately funded.
As pension funds face intense scrutiny and speculation for improper influence of board members and execs, lawmakers have been considering disclosure for California's pension boards.
After the Sun-Times and its units filed for bankruptcy protection in March 2009, the company sold nearly all of its assets -- PBGC has stepped in to assume responsibility.
The $300 million pension has sued Hewlett-Packard and its former
Chief Executive Mark Hurd, who was ousted from the company after a
sexual-harassment-claim settlement, seeking a variety of governance
changes and punitive damages for breach of fiduciary duty, mismanagement
and waste of corporate assets, including the severance payment to Hurd.
Citing the scandal in the city of Bell, California Treasurer Bill Lockyer asked the state's largest pension to release data on the 100 highest state and local government salaries to avoid pay abuses.
A recent study by Towers Watson has shown that while legislation recently signed into law could provide a between $19 billion and $63 billion reduction in required contributions over five years, only one-quarter of employers are likely to seek relief.
In an 82-page ruling, Supreme Court Justice Lewis Bart Stone in Manhattan dropped some of the charges against Hevesi, which include felonies and misdemeanors of bribery, grand larceny, money laundering and fraud.