Federal courts

Court offers guidelines to determine trial likelihood

The U.S. Supreme Court's decision in Fifth Third Bancorp et al. vs. Dudenhoeffer et al. removed the presumption of prudence standard often used by defined contribution plans to defend their use of...

July 07, 2014
End of prudence presumption raising employer stock questions

End of prudence presumption raising employer stock questions

The U.S. Supreme Court ruling in Fifth Third Bancorp. et al. vs. Dudenhoeffer et al. has injected uncertainty into defined contribution plans' use of employer stock in investment menus.

July 07, 2014
Precedent is upheld on class-action lawsuits that are spurred by stock losses

Precedent is upheld on class-action lawsuits that are spurred by stock losses

Pension funds and other institutional shareholders pursuing securities class-action lawsuits got a big vote of confidence from the Supreme Court in late June that could lead to more scrutiny of...

July 07, 2014
Court backs efficient market

Court backs efficient market

The U.S. Supreme Court made the right decision when it rejected a presumption of prudence as a defense in company stock-drop cases, replacing it with a presumption of market efficiency.

July 07, 2014
Supreme Court rejects 'presumption of prudence' defense in ESOP lawsuits

Supreme Court rejects 'presumption of prudence' defense in ESOP lawsuits

The U.S. Supreme Court on Wednesday unanimously rejected a frequently used, successful defense by companies against stock-drop lawsuits filed by defined contribution plan participants.

June 25, 2014 | 03:30 pm

Shareholder class-action suits curbed by U.S. Supreme Court

The U.S. Supreme Court imposed new requirements on shareholders seeking to press class-action fraud lawsuits, giving a partial victory to Halliburton Co.

June 23, 2014 | 12:09 pm
U.S. Supreme Court rejects Argentina appeal on defaulted bonds

U.S. Supreme Court rejects Argentina appeal on defaulted bonds

The U.S. Supreme Court left intact rulings that might force Argentina to pay billions of dollars to holders of repudiated bonds, rejecting the country's appeal in a case that has unsettled its...

June 16, 2014 | 12:39 pm
Goldman Sachs, Bain to pay $121 million to end buyout lawsuit

Goldman Sachs, Bain to pay $121 million to end buyout lawsuit

Goldman Sachs Group and Bain Capital Partners agreed to pay a total of $121 million to settle claims they cheated investors by suppressing competition in some of the biggest deals of the leveraged...

June 12, 2014 | 02:08 pm

Kentucky Retirement Systems to appeal non-profit’s exit from pension fund

Kentucky Retirement Systems plans to appeal a recent bankruptcy ruling that cleared the way for Seven Counties Services Inc. to leave the $15.5 billion retirement system.

June 11, 2014 | 04:18 pm

Citigroup mortgage settlement revived as SEC discretion affirmed by appeals court

Citigroup Inc.’s $285 million mortgage-securities deal with the Securities and Exchange Commission was revived as an appeals court assailed a judge’s demand for more evidence backing up...

June 04, 2014 | 01:39 pm

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