Courts/legal

University of Rochester sued over alleged excessive administrative fees in 403(b) plan

Courts

Courts

A participant in University of Rochester 403(b) sued the university, alleging it offered a plan that charged "grossly excessive" fees.
FirstGroup, Aon Hewitt sued over changes to DC plan investment options

Courts

Courts

Participants in a DC plan offered by FirstGroup America have sued the firm and Aon Hewitt Investment Consulting alleging ERISA violations.
States trying to save DOL fiduciary rule appeal rejection of effort to intervene

Courts

Courts

Three states trying to save the Labor Department's fiduciary rule are appealing a decision by a federal court to deny their attempt to intervene in the case.
Boston pension fund sues banks for rigging market for Mexican government bonds

Courts

Courts

More than a half-dozen banks were sued by the Boston Retirement System, which alleged they rigged the market for Mexican government bonds for more than a decade.
Philips North America agrees to pay $17 million, make 401(k) reforms to settle fiduciary breach case

Courts

Courts

Philips North America agreed to a preliminary settlement of a class-action lawsuit alleging fiduciary breaches and agreed to pay $17 million.
N.Y. funds win co-lead plaintiff status in Wynn Resorts suit

Courts

Courts

New York State Common Retirement Fund the New York City Retirement Systems were designated as co-lead plaintiffs in a lawsuit against Wynn Resorts.
Puerto Rico oversight board rejects bondholder agreement

INVESTING/PORTFOLIO STRATEGIES

INVESTING/PORTFOLIO STRATEGIES

A repayment agreement announced Monday by two major groups of Puerto Rico bondholders was rejected by the federal oversight board.
No special treatment for ESG investments

EDITORIAL

EDITORIAL

The Labor Department's recent bulletin reiterating its policy on ESG factors is a reminder that fiduciaries must weigh ESG-related investments as carefully as any other.
Puerto Rico in violation of fiscal plan, board says

ECONOMY

ECONOMY

Puerto Rico's fiscal year 2019 budget does not comply with the new fiscal plan certified by the Financial Oversight and Management Board.
Royal Bank of Scotland agrees to pay $4.9 billion to settle MBS claims

COURTS

COURTS

RBS expects to pay $4.9 billion to settle Justice Department charges that it sold bad mortgage-backed securities ahead of the financial crisis.
Tocqueville analyst claims gender bias cost her a promotion

COURTS

COURTS

A Tocqueville Asset Management investment analyst sued the firm claiming she was denied a promotion because of her gender and threatened with termination when she complained.
Chattanooga pension fund sues Wells Fargo for alleged fraud over revenue sharing

Pension Funds

Pension Funds

Chattanooga Fire and Police Pension Fund to file whistleblower complaint with the SEC and CFTC against Wells Fargo, alleging potential fraud and overcharging.
Premium Point Investments co-founder accused of inflating assets

Hedge Funds

Hedge Funds

The co-founder of Premium Point Investments, a portfolio manager at the hedge fund and a trader were charged with inflating the value of securities.
Visium will pay $10 million over former traders' misconduct

Hedge Funds

Hedge Funds

Visium Asset Management will pay more than $10 million to settle a U.S. regulator's allegations that it illegally profited from former traders' misconduct.
D.E. Shaw fires fund manager for 'gross violations'

MONEY MANAGEMENT

MONEY MANAGEMENT

D.E. Shaw fired veteran fund manager Daniel Michalow after numerous employees accused him of inappropriate behavior.