Mercer Predicts Bankruptcies Due to “Shoe-horn” Approach to Pension Regulation
European companies could be pushed to insolvency by ill-fitting pension regulation, a major investment consultant says.
Regulation
Following JPMorgan, Dutch Pension ABP Sues Credit Suisse Over Mortgage-Backed Securities
After filing a suit against JP Morgan, Stichting Pensioenfonds ABP (ABP) has sued Credit Suisse as many of the scheme's once triple-A rated securities now carry junk grades.
Confidential Documents: BNY Mellon FX Business “All Over” After Investigations
Documents obtained by the Wall Street Journal show consternation within the bank as multiple states began to investigate foreign exchange transaction pricing.
BNY Mellon Seeks Dismissal of New York Attorney General’s Lawsuit Over Currency-Trading
The world's largest custody bank has asked a court to dismiss New York’s currency-trading suit.
Congressman: It's Time to End Congressional Pensions
Congressman Tim Griffin (R-Ark.) has introduced legislation calling for the end of pension funds for members of Congress.
DiNapoli Proposes National Commission to Address Retirement
Thomas DiNapoli, the New York state comptroller and sole trustee of the $147 billion New York State Common Retirement Fund, has suggested creating a national commission “to talk about ways to maintain existing defined benefit plans.”
State’s Switch From Traditional Pension to 401(k)? Not So Fast.
New Hampshire is looking at switching from a defined benefit retirement system to a defined contribution one, but a new study shows it might be a costly move.
JPMorgan Faces Lawsuit by Dutch Scheme Over Mortgage-Backed Securities
JPMorgan Chase & Co has been sued by a Netherlands-based pension fund over residential mortgage-backed securities it purchased.
GASB Urges Greater Transparency Over State, Local Government Pension Obligations
A proposal by the Governmental Accounting Standards Board (GASB) seeks “to better enable taxpayers, bondholders, and other interested parties to assess the government's financial condition."
MassPRIM Names Russell as FX Transaction Manager
Massachusetts Pension Reserves Investment Management board has hired Russell Implementation Services to manage portions of the foreign-exchange transactions.
After MF Global Collapse, CFTC Approves Client-Funds Rule
The CFTC has finalized a final rule that implements restrictions on the use of client-money.
Former Labour Minister: UK Public Pension System Desperately Needs a Makeover
According to John Hutton, who was a pensions minister in Tony Blair’s Labour government, the UK's public-sector pension system need reform.
Credit Ratings Not Always Subject to First Amendment Protection, Judge Rules
A federal judge has ruled that credit ratings are not always protected opinion under the First Amendment.
Damning Picture of PBGC Emerges
The Pension Benefit Guaranty Corporation used improper outside vendors to calculate benefits, according to an audit.
Union Pensions Sue Bulge-Bracket Banks Over MF Global
Goldman Sachs, Citigroup are among those named in a lawsuit alleging misstatements regarding the European debt exposure of failed investment house MF Global.