Citi Wins Over Abu Dhabi in Arbitration Case on $7.5B Investment
Citigroup has won its arbitration case over Abu Dhabi’s $7.5 billion investment in the bank.
Regulation
Fed Forges Ahead With Operation Twist
The Federal Reserve has decided to continue its plan of purchasing longer-term securities while holding interest rates low through 2013 -- a move that may contribute to potentially detracting appeal of liability-driven investing strategies for plan sponsors.
NYC Judge Rejects Madoff Trustee's $19 Billion Claim From JPMorgan
A New York City judge has tossed out a $19 billion claim that a trustee seeking money for Bernard Madoff's investors demanded from JPMorgan Chase, which had been the Ponzi schemer's bank.
CFTC Approves SEC Systematic Risk Reporting Rules
The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) have finalized new rules for systematic risk disclosure.
California Mega-Funds Voice Support For Pension Overhaul Discussion
The California Public Employees’ Retirement System (CalPERS) and the California State Teachers' Retirement System (CalSTRS) have issued statements on the governor's pension reform proposal.
NYC Mayor, Comptroller Seek Structural Overhaul of City's Five Pensions
Mayor Michael Bloomberg and New York City Comptroller John Liu have announced a sweeping overhaul of the city’s five main public employee pension systems.
California Governor Announces Pension Overhaul
California Governor Jerry Brown has proposed sweeping rollbacks to public employee pension benefits in California.
Former Goldman Sachs Director Surrenders to FBI on Insider-Trading Charges
Rajat Gupta, a former board member of Goldman Sachs and Proctor & Gamble, has been indicted by US prosecutors and accused of cheating the markets with Raj Rajaratnam, the convicted hedge fund founder who was at the center of the probe.
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.
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.