Pension Funds Insider

Pension Funds Insider brings the latest pensions news and industry insights; from investment and governance updates to new mandate appointments and pensions regulatory information.

Legal

Image for What should trustees do if approached by a bankrupt pension scheme member's trustee in bankruptcy?

What should trustees do if approached by a bankrupt pension scheme member's trustee in bankruptcy?

04 November 2016

The Court of Appeal resolves some of the conflict between insolvency and pensions law in its decision on Horton v Henry.

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Image for Themes for 2016 – a legal perspective

Themes for 2016 – a legal perspective

14 April 2016

2016 looks set to be another very busy year for trustees and employers.

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Image for The Judiciary contest new pension scheme reform in an unparalleled legal case

The Judiciary contest new pension scheme reform in an unparalleled legal case

05 June 2015

The Judicial reform Stage 2 which was introduced in April 2015 and initially proposed by the coalition government presents an unwelcomed new pension scheme for the judiciary.

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Image for Themes for 2015 - a legal perspective

Themes for 2015 - a legal perspective

25 March 2015

2015 looks set to be another very busy year for trustees and employers. The effect of the current markets on buyout deficits, coupled with increasing economic uncertainties, will result in continued challenges for the funding of pension schemes.

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Image for LGPS funds receive legal advice about tobacco divestment

LGPS funds receive legal advice about tobacco divestment

10 April 2014

Local Government Pension Funds may take into consideration the public health implications of tobacco investment, as long as the replacement assets are able to deliver the same financial returns.

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Image for UK Kodak scheme completes acquisition

UK Kodak scheme completes acquisition

05 September 2013

The UK Kodak Pension Plan (KPP) has completed its acquisition of Eastman Kodak Company's (EKC) Kodak Personalized Imaging and Document Imaging businesses and created a new company.

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Image for TPR welcomes Supreme Court ruling on FSDs

TPR welcomes Supreme Court ruling on FSDs

25 July 2013

The Supreme Court found that liabilities under a financial support direction (FSD) issued against an insolvent company would rank as provable debt, and the judgement has been welcomed by The Pension Regulator (TPR).

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Image for Trustees can face difficulties when recovering pension overpayments

Trustees can face difficulties when recovering pension overpayments

08 May 2013

Pension scheme trustees can face difficulties when trying to recover past pensions overpayments from members, a lawyer has said.

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Image for Kodak settles $2.8bn claim

Kodak settles $2.8bn claim

30 April 2013

Eastman Kodak has agreed to transfer part of its business to the UK Kodak Pension Plan (KPP) to settle $2.8bn (£1.8bn) of claims made by the scheme.

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Image for RBS sued by pension funds over 2008 rights issue

RBS sued by pension funds over 2008 rights issue

02 April 2013

Pension funds have launched a claim against The Royal Bank of Scotland over a rights issue in 2008 when the bank sold shares at £2 per share.

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Image for ABP settles with Merck in securities class action

ABP settles with Merck in securities class action

14 February 2013

Dutch pension fund Stichting Pensioenfonds ABP (ABP) has reached a $215m class settlement with Merck regarding a five-year-old securities class action.

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Image for Dutch pension fund ABP settles with Deutsche Bank

Dutch pension fund ABP settles with Deutsche Bank

07 February 2013

The biggest Dutch pension fund, Stichting Pensioenfonds ABP, has settled claims against Deutsche Bank AG regarding residential mortgage-backed securities (RMBS).

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Image for UK pension funds expected to increase claims through class actions

UK pension funds expected to increase claims through class actions

04 February 2013

A leading class action specialist predicts that, with an increase in the amount of pension funds claiming back lost investments, settlements in securities class actions outside the US could rise to $8.3bn per year by 2020.

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Image for Dutch pension scheme ABP settles with JPMorgan

Dutch pension scheme ABP settles with JPMorgan

11 December 2012

Dutch pension fund Stichting Pensioenfonds ABP has reached agreement with JPMorgan Chase & Co. (JPMC) to settle claims regarding residential mortgage-backed securities.

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Image for QE and Solvency II "significant burden" on DB schemes

QE and Solvency II "significant burden" on DB schemes

17 October 2012

Legal practice Squire Sanders published its white paper on UK pension reform at the National Association of Pension Funds' (NAPF) annual meeting in Liverpool, examining the key issues affecting the affordability of  pension plans.    

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Image for Pension schemes sue BP over fraud and negligence

Pension schemes sue BP over fraud and negligence

07 September 2012

Pension schemes and asset managers from within the UK and Europe are suing BP in the U.S. court of Texas over alleged fraud and negligence before, during and after the Deepwater Horizon oil spill.

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Image for AP7 and five U.S. pension schemes head 'London Whale' lawsuit

AP7 and five U.S. pension schemes head 'London Whale' lawsuit

22 August 2012

Swedish fund AP7, along with five US public schemes, has been named lead plaintiff in a U.S. class action lawsuit against JP Morgan Chase over losses allegedly caused by the bank's chief investment office and trader Bruno Iksil, also known as the 'London Whale'.

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Image for Regulator releases details on GP Noble pensions fraud case

Regulator releases details on GP Noble pensions fraud case

13 July 2012

The Pensions Regulator (TPR) has released details of its investigation into the trustees of GP Noble and said it would take "swift action to disrupt fraud" in the future.

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Image for Dutch transport scheme sues Goldman Sachs Asset Management

Dutch transport scheme sues Goldman Sachs Asset Management

09 July 2012

Pensioenfonds Vervoer, the Dutch transport industry's pension fund is preparing to sue Goldman Sachs' Asset Management for €250m claiming it failed to properly manage its portfolio during the height of the crisis.

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Image for Regulator sets out rules to tackle non-compliance

Regulator sets out rules to tackle non-compliance

22 June 2012

The Pensions Regulator (TPR) has set out its strategy for tackling non-compliance with the changes to pensions law, revealing they will use fines and other measures to make sure all UK companies comply with the new rules on auto-enrolment.

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Image for CalSTRS sues Wal-Mart executives over bribery allegations

CalSTRS sues Wal-Mart executives over bribery allegations

04 May 2012

The U.S.'s second largest public pension fund has sued current and former executives and board members at Wal-Mart Stores for alleged bribery in the company's Mexico branch.

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Image for Former pension scheme execs sued by US regulator

Former pension scheme execs sued by US regulator

25 April 2012

US regulators have sued a former chief executive and a former director of the California Public Employees' Retirement System (CalPERS), accusing them of defrauding an investment firm for the sum of $20m.

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Image for Dutch regulator told off by court over forced gold sale

Dutch regulator told off by court over forced gold sale

16 March 2012

The Dutch Central Bank (DNB) was wrong to force the SPVG pension scheme (Pensioenfonds van de Vereenigde Glasfabrieken) to sell off its gold and has to compensate the scheme for its loss, the court decided today.

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Image for Dutch pension fund ABP sues third asset manager over mortgage-backed securities

Dutch pension fund ABP sues third asset manager over mortgage-backed securities

01 February 2012

ABP, the third biggest pension scheme in the world, filed a lawsuit at the New York state Supreme Court last Friday against asset managers Goldman Sachs over 'misleading' investments.

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Image for 'Printing mistake' blamed by Siemens pension fund for not paying benefit increases

'Printing mistake' blamed by Siemens pension fund for not paying benefit increases

27 January 2012

Siemens is facing a €100 million legal claim in Austria from 120 angry former managers over cuts to their pension payments

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Image for ABP looks to sue Credit Suisse

ABP looks to sue Credit Suisse

06 January 2012

Dutch pension scheme ABP has taken up more legal proceedings against an investment manager, this time filing a suit in the New York State Supreme Court against Credit Suisse over alleged misleading practices concerning residential mortgage backed securities (RMBS), claiming it led to substantial losses 

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Image for Ombudsman steps in to investigate Heineken 'promise' to Scottish & Newcastle pensioners

Ombudsman steps in to investigate Heineken 'promise' to Scottish & Newcastle pensioners

22 December 2011

A pressure group for disgruntled Scottish & Newcastle (S&N) pension scheme members has confirmed that the Pensions Ombudsman is looking into its complaint against Heineken.

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Image for Henderson claims 'no legal liability' as it is sued by UK pension schemes

Henderson claims 'no legal liability' as it is sued by UK pension schemes

15 December 2011

Henderson Group is being sued by a group of 23 UK pension schemes and other institutional investors after the collapse of negotiations over compensation for losses incurred through the purchase of the construction company John Laing 

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Image for ABP sues JPMorgan over residential mortgage-backed securities

ABP sues JPMorgan over residential mortgage-backed securities

09 December 2011

ABP, one of the largest pension schemes in the world, yesterday filed a suit at the New York state Supreme Court against JPMorgan Chase over residential mortgage-backed securities it is said to have purchased 

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Image for Belgian pension fund sues asset manager

Belgian pension fund sues asset manager

28 November 2011

The Bekaert Group has filed a suit against asset management firm Petercam for alleged incompetent management of the firm's pension fund fixed income investments

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Image for Pensions funds step up action against News Corp

Pensions funds step up action against News Corp

13 October 2011

Two weeks ago a group of pension schemes, with a stake in News Corporation, filed an amended complaint against the company tied to the media giant's role in the phone hacking scandal. Pension Funds Insider explores the case and its consequences

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Image for Schemes plead with SEC to restore class action

Schemes plead with SEC to restore class action

10 October 2011

Earlier this year, seventy of the world's largest pension schemes and institutional investors sent a letter to the US Securities and Exchange Commission (SEC). In it, they asked SEC to put forward a case to Congress calling for a return to the days of investors being able to pursue non-US corporations for fraudulent activity in American courts

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Image for Union 'threatened' with High Court action by USS

Union 'threatened' with High Court action by USS

07 October 2011

The University and College Union (UCU) has sent a letter to their members asking them to stand up in protest after the union was notified by the Universities Superannuation Scheme's (USS) Board telling them to attend meetings or face High Court action.

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Image for Pension funds restricted in efforts to recoup money by US legal changes 

Pension funds restricted in efforts to recoup money by US legal changes 

05 October 2011

The US saw a long list of class actions filed by angry foreign investors appearing in its courts in 2008, as the financial crisis took hold. Now, three years later, Pension Funds Insider asks how European pension schemes can still pursue such claims, after restrictions have been placed on pursuing non-US firms on American soil

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Image for ABP's case against Countrywide gets thrown out 

ABP's case against Countrywide gets thrown out 

26 September 2011

A judge at the Los Angeles federal court recently ruled that the Dutch fund ABP has waited too long with filing fraud claims against mortgage lender Countrywide 

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Image for Pension funds say News Corp board did not fulfil fiduciary duty

Pension funds say News Corp board did not fulfil fiduciary duty

22 September 2011

Pension schemes and other News Corp. shareholders have filed a second amended complaint in the US, arguing that the phone hacking scandal is merely one of many acts of illegal conduct that the board was fully aware of

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