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Pension Files Class Action Suit Against Volaris Over Investment Losses

A Georgia pension fund has filed a lawsuit against Mexican airline Volaris; the fund is accusing the company of making false statements in its regulatory filings. From Reuters: The lawsuit, which seeks class-action status, was filed on Tuesday in the U.S. District Court for the Southern District of New York on behalf of the DeKalb County Employees ...
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New York City Pension Wants In On Lawsuit Against Real Estate Firm Accused of Inflating Prices

The New York City retirement system is attempting to join a lawsuit already being brought by two pension funds against a real estate firm that allegedly inflated its performance figures. The two pension funds already heading the case, State Teachers Retirement System of Ohio (STRS) and the Ohio Public Employees Retirement System (OPERS), are claiming ...
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Newspaper: Rhode Island Should Settle Pension Suit With Retirees, But Keep Savings Intact

Rhode Island Governor-elect Gina Raimondo said last week that one of her top priorities was reaching a settlement with workers in the long-running lawsuit against the state’s 2011 pension reforms. The Providence Journal opines that a settlement would be ideal for everyone – if the law’s savings are kept intact. From the Providence Journal: State ...
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Court Dismisses Pensions’ Lawsuit Against BNY For Housing Crash Losses

An appeals court has dismissed a lawsuit brought by a handful of public pension funds against BNY Mellon. The lawsuit stemmed from investment losses on mortgage-backed securities and BNY’s alleged neglect to properly evaluate the quality of the securities. From BenefitsPro: The U.S. Court of Appeals for the 2nd Circuit has upheld a lower court’s ...
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Judges Sue California Over “Diminished” Pension Benefits

Six judges are suing California over “diminished” pension benefits brought on by the Public Employees Pension Reform Act, a law passed by the state in 2013. The judges say their benefits shouldn’t be affected the law, because they were appointed a full year before the law was passed. From the Appeal-Democrat: Yuba County Judge Benjamin Wirtschafter ...
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Supreme Court To Hear Case on Excessive 401(k) Fees

Mutual fund fees will soon have their day in the highest court in the land. The U.S. Supreme Court has agreed to hear a case centered on “excessive” fees collected by mutual funds in 401(k) plans. The case will also determine whether there should be a statute of limitations on lawsuits alleging fiduciary breach. From Investment News: As a landmark ...
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Colorado Supreme Court Won’t Hear Lawsuit Seeking Release of Pension Data

Colorado Treasurer Walker Stapleton has for years pushed the state toward initiatives designed to improve the health of its pension system, and open pension data was a big part of Stapleton’s plans. Back in 2011, Stapleton filed a lawsuit seeking the release of retirement benefit data for Colorado’s highest-earning pensioners. But the state’s ...
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The Lawsuit That Could Legalize Pay-To-Play For Pension Fund Investments

Here’s a scenario to chew on: An investment firm makes a campaign contribution to a city mayor. Later, the mayor appoints members to the city’s pension board. The pension board decides to hire the aforementioned investment firm to handle the pension fund’s investments. Does something seem fishy about that situation? The SEC says yes, and they ...
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Judge Throws Out Pension Funds’ Lawsuit Against JP Morgan

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 ...

Rhode Island pension reform could be scaled back with settlement proposal

Rhode Island has been entangled in legal battles since the state signed its sweeping pension reform bill into law in 2011. But a new proposal may bring an end to the legal challenges mounted against the law once and for all, and in the process soften some of the law’s strongest provisions. The 2011 law, titled the Rhode Island Retirement Security ...
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