MassPRIM May Dismiss FX Partner BNY Mellon
The Massachusetts Pension Reserves Investment Management (MassPRIM) has said it may drop BNY Mellon, its partner on foreign-exchange trading.
Regulation
Court Dismisses Pension Lawsuit Against Highland Capital
Highland Capital Management, a Dallas-based investment adviser with approximately $24 billion in assets under management, has announced that a lawsuit from the Houston Municipal Employees Pension System has been dismissed.
Commonfund Forced to Pay $50-Million in Real Estate Lawsuit
A Los Angeles jury has ordered the Commonfund to pay $50.3-million in damages for breach of fiduciary duty to its partner in a series of Hollywood development projects, Bloomberg has reported.
While New Oversight Council Aims to Scrutinize Asset Managers, Consultants Worry About Overregulation
The top financial regulatory board in the United States has laid out standards by which insurance companies, hedge funds, and other non-bank financial firms could fall under stricter regulation, yet industry sources voice apprehension that firms may be overburdened by regulation and reporting.
UK's Court of Appeal Upholds Landmark Pensions Ruling Backing The Pensions Regulator
The Court of Appeal has upheld a landmark ruling that provides priority to company pensioners when those companies become insolvent.
Standard Life Sues 11 Insurers for Pension Losses
Hoping to recover its value following the collapse of Lehman Brothers, Standard Life is suing 11 of its insurers who refused to pay a claim related to a cash injection into one of its pension funds.
SEC Subpoenas Kentucky Pension Officials
As part of an inquiry by the US Securities and Exchange Commission to investigate the role of middlemen among pensions, the regulator has subpoenaed officials of Kentucky Retirement Systems to be interviewed.
UK Shareholder Activist Body Urges News Corp to Overhaul Board Structure
According to the UK’s leading shareholder activist body, it is imperative for News Corp to overhaul its board structure in the wake of its phone hacking scandal.
UK's FSA Confirms Delay of Solvency II for Insurers
The Financial Services Authority (FSA) has asserted that the introduction of Solvency II rules in the UK for insurers will be delayed an extra year.
US and NY Governments Enter BNY Mellon FX Lawsuits
BNY Mellon has been sued by the New York attorney general and the United States attorney in Manhattan, who claim the financial institution defrauded New York City pension funds and other retirement plans nationwide over the price of foreign-exchange transactions.
Moody’s, Fitch, S&P Battle Pension Lawsuit Over Misleading Ratings in Mortgage-Backed Securities
US District Judge James O. Browning in Albuquerque, New Mexico has ruled that Moody’s Corp., Fitch Inc. and Standard & Poor’s must face a New Mexico securities lawsuit.
Morgan Stanley Wins Dismissal of Libertas CDO Suit by Virgin Islands Pension
Morgan Stanley has won the dismissal of a Virgin Islands government pension fund lawsuit accusing the bank of defrauding investors of $1.2 billion of risky mortgage debt that it expected to fail.
Troubled Chinese Timberland Operator Faces Another Shareholder Lawsuit
A fund manager and Quebec pension have sued troubled Chinese timberland operator Sino-Forest.
Solvency II Is a Bad Idea, British Industry Group Warns
British businesses will be negatively impacted if schemes are forced into Solvency II capital requirements, the Confederation of British Industry has cautioned.
Federal Judge Dismisses Lawsuit Brought by Ohio Pensions Against Big-Three Credit Agencies
A federal judge in Columbus has dismissed a lawsuit brought by Ohio’s five public pensions against Standard & Poor's, Moody's, and Fitch Ratings.