Federal courts

8th Circuit rejects appeals requests in Tussey vs. ABB fiduciary breach case

A federal appeals court has rejected requests from a defendant and plaintiffs to rehear Tussey vs. ABB, a fiduciary breach case.

May 22, 2014 | 04:11 pm
S.A.C.'s Steinberg gets 3.5 years as insider probe winds down

S.A.C.'s Steinberg gets 3.5 years as insider probe winds down

Former S.A.C. Capital Advisors hedge fund manager Michael Steinberg was sentenced to 3.5 years in prison for insider trading on Friday, capping one of the biggest victories for prosecutors who spent...

May 16, 2014 | 02:13 pm

Federal court dismisses church plan status objection against Ascension Health Alliance

A federal court dismissed claims against Ascension Health Alliance, St. Louis, that its pension plan was not entitled to church plan status.

May 12, 2014 | 04:21 pm
CalPERS settles with Ernst & Young on Lehman Brothers suit

CalPERS settles with Ernst & Young on Lehman Brothers suit

CalPERS announced on Monday a $12.75 million settlement with Ernst & Young, former auditor of Lehman Brothers Holdings Inc., stemming from a lawsuit filed by the $289.1 billion California Public...

May 05, 2014 | 03:17 pm
CalPERS files amicus brief in Detroit bankruptcy case

CalPERS files amicus brief in Detroit bankruptcy case

CalPERS filed an amicus brief in 6th U.S. Circuit Court of Appeals in Cincinnati on Thursday regarding the city of Detroit's bankruptcy case.

May 01, 2014 | 06:14 pm
Defendant, plaintiffs both find something to appeal in ABB ruling

Defendant, plaintiffs both find something to appeal in ABB ruling

Plaintiffs and a defendant have filed dueling requests to appeal a recent court ruling in the complex ERISA fiduciary-breach case of Tussey vs. ABB Inc.

April 28, 2014

WG Trading's Walsh pleads guilty in $554 million swindle

Stephen Walsh, the WG Trading Co. money manager charged with conspiring to swindle investors out of $554 million over 13 years, pleaded guilty Friday to securities fraud a few months before his trial.

April 25, 2014 | 04:08 pm
Public pension fund lawsuits piling up against BP

Public pension fund lawsuits piling up against BP

A slew of public pension funds filed lawsuits against BP PLC on April 18 for investment losses resulting from the Deepwater Horizon oil rig explosion and oil spill in April 2010.

April 22, 2014 | 12:42 pm
Maryland State Retirement sues BP over Deepwater Horizon explosion

Maryland State Retirement sues BP over Deepwater Horizon explosion

Maryland Attorney General Douglas F. Gansler's office announced on Friday it is filing a lawsuit against BP PLC for losses sustained by the $44 billion Maryland State Retirement & Pension System,...

April 18, 2014 | 03:19 pm
Both sides in Tussey vs. ABB case file requests to appeal court ruling

Both sides in Tussey vs. ABB case file requests to appeal court ruling

Plaintiffs and a defendant have filed dueling requests to appeal a recent court ruling in the complex ERISA fiduciary-breach case Tussey vs. ABB.

April 17, 2014 | 03:30 pm

Detroit Police & Fire Retirement System trustees approve pension deal

Trustees of the $3.4 billion Detroit Police & Fire Retirement System on Thursday morning approved the economic terms of a settlement that will eliminate the pension cuts included in the city's...

April 17, 2014 | 04:29 pm
Tussey decision puts question mark over other float-income suits

Tussey decision puts question mark over other float-income suits

Fidelity Investments' recent victory in Tussey vs. ABB Inc. creates questions for plaintiffs in several other lawsuits alleging a similar fiduciary breach by Fidelity in its handling of float income.

April 14, 2014
Supreme Court considers ESOP fiduciary dilemma

Supreme Court considers ESOP fiduciary dilemma

The U.S. Supreme Court Wednesday debated the special burden placed on fiduciaries by the inclusion of employee stock options within defined contribution plans.

April 02, 2014 | 03:25 pm
Pension funds lose securities lending suit against Wells Fargo

Pension funds lose securities lending suit against Wells Fargo

Wells Fargo & Co. did not breach its fiduciary duty when several pension funds lost money through the bank's securities lending program, a federal court judge in St. Paul, Minn., has ruled.

April 02, 2014 | 03:29 pm
Pending Supreme Court case could make company stock option toxic

Pending Supreme Court case could make company stock option toxic

The U.S. Supreme Court will hear oral arguments April 2 in a pivotal defined contribution case.

March 31, 2014