Courts/legal

Trustees settle multiemployer DC plan lawsuit for $8.75 million

COURTS

COURTS

Union worker multiemployer defined contribution plan settles participant class-action lawsuit for $8.75 million.
Highland Capital Management says it lacks cash to pay clients $175 million now

COURTS

COURTS

Highland Capital Management said it doesn't have the cash on hand to pay $175 million if that amount is awarded to investors in its shuttered hedge fund.
Kainos co-founder denies allegations in countersuit

Courts

Courts

Sarah A. Bradley, co-founder of middle-market private equity firm Kainos Capital, has responded to a countersuit filed by the firm and fellow co-founders.
Supreme Court hears case about investor rights after mergers

COURTS

COURTS

The U.S. Supreme Court heard a case that could make it easier for shareholders to take legal action following mergers or acquisitions.
Puerto Rico government pension group sues GSE bond traders

Courts

Courts

The Puerto Rico Government Employees and Judiciary Retirement Systems Administration is suing 12 major banks it claims conspired to fix bond prices.
Abraaj executives arrested, sued by SEC for allegedly defrauding investors

Private Equity

Private Equity

Securities and Exchange Commission filed suit against defunct private equity firm Abraaj Investment Management, founder and CEO Naqvi
2 hedge fund firms sue Kentucky Retirement Systems

Courts

Courts

Blackstone Alternative Asset Management and Prisma Capital Partners filed separate lawsuits this week against Kentucky Retirement Systems.

COURTS

COURTS

During the first quarter of 2019, 23 ERISA-related lawsuits have been filed and/or updated with 30 stories written. Seventy-nine stories were written on 65 ERISA cases in 2018. The involved parties...
Oklahoma Police Pension sues alleging banks manipulated bond prices

Courts

Courts

Oklahoma Police Pension & Retirement System filed a class-action lawsuit against several banks, alleging they manipulated bond prices.
 401(k) plan participants, Anthem reach preliminary settlement

COURTS

COURTS

Participants in a 401(k) plan managed by the health insurer Anthem Inc. have reached a preliminary settlement in an ERISA fiduciary lawsuit.
British Airways, pension fund trustees settle pension benefits dispute

Pension Funds

Pension Funds

British Airways agreed to settle a dispute over increases to pension benefits with the trustees of the 13.3 billion Airways Pension Scheme.
Fidelity hit with third lawsuit over alleged 'secret' 401(k) fees

COURTS

COURTS

Fidelity is hit with another lawsuit claiming it secretly charged mutual fund companies a fee for having their funds on Fidelity's platform.
Chevron DC participants petition Supreme Court to rule on fiduciary breach standards

COURTS

COURTS

Participants in a Chevron Corp. 401(k) plan have asked the U.S. Supreme Court to review their allegations of ERISA fiduciary breaches.
Lawmakers question Labor Secretary Acosta's handling of past plea deal

Washington

Washington

Labor Secretary Alexander Acosta was questioned by U.S. lawmakers for his actions in a case involving billionaire Jeffrey Epstein.
Maryland fiduciary standard proposal rejected in committee

Legislation

Legislation

A bill in Maryland that would have compelled financial professionals to act in the best interest of clients was rejected in committee.