Racketeering
A federal judge granted default judgment of $154,600 to five veterans who claim BAIC Inc. et al. conspired to defraud them and other military veterans in the sale of pension benefits.
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Pension Scam
The Chicago Transit Authority Retiree Health Care Trust sued Dilworth Paxson LLP, its former attorney Timothy Anderson, and Greenberg Traurig LLP in Cook County Court, claiming they were negligently involved in “the issuance of $43 million in worthless bonds … to unwitting public pension funds.”
Read moreKentucky Governor and Challenger Spar Over Jobs, Schools
The first of five scheduled debates between Kentucky Republican Governor Matt Bevin and Democratic candidate Andy Beshear was held Thursday at the Paducah Chamber of Commerce, and saw the two sparring over education and job creation.
Read moreYou Can Fight City Hall
Numerous unions, including the Deputy City Attorneys Association of San Diego, sued the city in superior court over Proposition B City Charter amendments of 2012, “which denies all city employees newly hired on and after July 20, 2012, except sworn police officers, any access to the city’s defined benefit pension plan.”
Read morePrivate-Equity Firms Emerge in Warren’s Crosshairs
The private-equity industry needs a complete overhaul, Senator Elizabeth Warren said Thursday, unveiling a new policy initiative for her 2020 presidential campaign.
Read more$43 Million
The SEC claims in a federal complaint that Jason Sugarman, 47, of Los Angeles, “stole $43 million from unwitting pension funds to finance the acquisition of a global financial conglomerate of European and Bermuda insurers, and investment advisers based in Virginia and Connecticut.”
Read moreEU Court Calls Out Pension Calculation as Unfair to Women
Spain’s practice of calculating retirement pensions for part-time work could leave the country on the hook for sex discrimination, the European Court of Justice ruled Wednesday.
Read moreMorgan Stanley Coughs Up $150M for California Pension Losses
More than a decade after the bottom fell out the U.S. economy and the housing market tanked, multinational investment company Morgan Stanley has agreed to pay California $150 million to settle claims the company hid the riskiness of mortgage-backed securities sold to the state’s public employee pension funds.
Read moreERISA
The Ninth Circuit affirmed that City National Bank engaged in self-dealing and breach of fiduciary duties in its employees’ 401(k) plans, compensating itself with self-approved fees from the plan’s assets.
Read moreDignity Pensions
Dignity Health and its workers have with the help of a mediator reached a settlement “in principle” to end a six-year-old class action accusing the hospital system of underfunding its employee pension plan by $1.5 billion.
Read morePentagon May Tap Military Pay and Pensions for Border Wall
WASHINGTON (AP) — The Pentagon is planning to tap $1 billion in funds from military pay and pension accounts to help President Trump pay for his border wall, a top Senate Democrat said Thursday.
Read moreCalifornia High Court Upholds End to Pension Perk
California public employees aren’t entitled to a perk that allowed them to boost their pension payouts, the California Supreme Court ruled Monday.
Read moreHigh Court Nixes Tax Loophole Biased for State Workers
A retired U.S. marshal prevailed at the Supreme Court on Wednesday in alleging that West Virginia discriminates by taxing his pension but not those of some state workers.
Read moreRare Beefeaters Strike Over Pensions Hits Tower of London
London’s famed Beefeaters and other workers at several Royal Palaces have gone on a rare strike in a dispute over pension payments.
Read moreIBM Retirement-Fraud Suit Gets New Life From Second Circuit
MANHATTAN (CN) – Reviving securities fraud claims, the Second Circuit ruled Monday that IBM must face a suit by workers
Read moreCalifornia Lawmakers Eye Nixing Contracts With For-Profit Prisons
Calling on California to sever ties with the private prison industry, a state lawmaker wants to nix contracts with for-profit prisons and ban the state’s public pension funds from ever investing in them again.
Read moreGreece: Creditors Approve U-Turn on Pension Cuts
Greece’s bailout creditors have approved a request by the country to scrap pension cuts planned in 2019 after the country delivered a strong budget performance.
Read moreRussian Lawmakers Vote to Back Controversial Pension Bill
The lower house of the Russian parliament has given its preliminary approval for a controversial bill that raises the eligibility ages for pensions, which has caused an outrage in Russian society.
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