Illinois’ pension reform law is going to get its day in court soon. A judge on Wednesday scheduled arguments for and against the law for next month. That means a final ruling on the law could be made by the end of the year. The law’s opponents and defenders have one thing in common: they … Continue reading Illinois Pension Case Stays On Fast Track; Arguments Set For November
It’s been a foregone conclusion that the lawsuit against Illinois’ pension reform law would eventually be heard in the halls of the Supreme Court. The question has always been how long it would take to get there. But a judge indicated this week that he’d like to fast track the case through the lower courts … Continue reading Judge Hints Illinois Pension Case Could Be Fast-Tracked
A coalition of some of the largest labor groups in Illinois filed a motion today calling on the court to speed up its ruling regarding the constitutionality of Illinois’ pension reform law. The coalition, We Are One Illinois, says the Supreme Court’s July decision—where the court ruled retirees’ health benefits are protected under the state’s … Continue reading Union Coalition Wants Illinois Court To Act Faster In Case Against Reform Law
Illinois’ pension reform law, passed and signed in December, remains in a legal limbo that has parties on every side of the issue uncomfortable. As a result, the attorneys behind several of the lawsuits challenging the reform law plan to submit motions that they hope will land the case in front of the Supreme Court … Continue reading Challengers to Illinois Reform Law Seek Expedited Supreme Court Ruling
A lawsuit alleging that JP Morgan knew more than it let on about Bernie Madoff’s massive Ponzi scheme was dismissed yesterday by a judge, who said there wasn’t enough evidence that the bank’s board members breached their duty to shareholders by ignoring alleged “red flags” around Madoff’s fraudulent activities. The suit was filed by two … Continue reading Judge Throws Out Pension Funds’ Lawsuit Against JP Morgan
Illinois has the worst funded pension system in the United States–40.37 percent funded as of 2013–which is why it’s a significant news item that state lawmakers are trying to establish another state-run retirement system. Interestingly, these efforts have garnered very little media attention. But the idea is edging closer to becoming law, as the bill … Continue reading An Under-The-Rader Bill in Illinois Would Set Up Another State-Run Retirement Plan
It was expected, and now it has arrived: a lawsuit has landed in the lap of a Sangamon County Circuit Court judge which seeks to overturn Illinois’ massive pension reform plan signed into law last month. The lawsuit was filed by We Are One Illinois, a coalition of unions including the Illinois AFL-CIO, the American … Continue reading Major unions sue Illinois over pension overhaul
Illinois’ sweeping pension reform law, passed earlier this month, was bound to rustle some feathers. Now, the first lawsuit against the new legislation has been filed in the Cook County Circuit Court. The Illinois Retired Teachers Association filed a class-action lawsuit Friday challenging the constitutionality of the law, which limits cost-of-living increases, caps the amount … Continue reading Teachers group first to challenge Illinois reform law
Leo Kolivakis is a blogger, trader and independent senior pension and investment analyst. This post was originally published at Pension Pulse. Brody Mullins of the Wall Street Journal reports, Teachers Union and Hedge Funds War Over Pension Billions: Daniel Loeb, Paul Singer and dozens of other hedge-fund managers have poured millions of dollars into promoting charter … Continue reading Teachers Wage War on Hedge Funds?
Sitting in the U.S. Senate is a Puerto Rico rescue bill that would allow the territory to restructure its debts, and to cease making payments to its bondholders for now. Details are still vague; but if the bill passes, does it mean anything for pensioners living in distressed states like Illinois? Ike Brannon of the … Continue reading What Does the Puerto Rico Rescue Mean For U.S. Pensioners?
