A new proposed class action lawsuit filed in the U.S. District Court for the Northern District of California, San Jose Division, accuses Fidelity of improperly handling “float income” that plaintiffs feel should be considered a plan asset and thus returned to plan accounts. It was just last month that the 1st U.S. Circuit Court of Appeals ruled that float income Fidelity retained in the process …
Megan van Ooyen is a senior associate business operations specialist in the OpRisk Global Data group at SAS in North Carolina It’s been two years since the peak of the regulatory fallout from residential mortgage-backed securities. Since then, regulatory fines and settlements, which tend to result in the largest operational risk losses for financial services firms, have largely settled down. …
San Antonio-based iHeartMedia Inc. is taking its bondholders back to court, seeking hundreds of millions of dollars in damages over a previous legal dispute that the radio and billboard giant said delayed plans to refinance its debt and cost it real money. IHeartMedia won a Bexar County state district court lawsuit in May against the same group of bondholders, which was threatening to force the company into technical default …
Friday, July 29, 2016
There have been several recent and interesting updates to the In re Petrobras Securities Litigation, 14-cv-9662 (S.D.N.Y.) that we have discussed several times on this blog. First, the Second Circuit has decided to accept review of the class certification question.
Many ERISA 401(k) plan trustees act as intermediaries when participants request a disbursement. If plan assets are invested in funds, some fund shares will be exchanged for cash, and the cash will then “float” as it makes its way from fund to participant. During that process, the float may sit temporarily in a non-plan, non-participant account, and it might earn interest.
New York Life Insurance Co. is the newest member to the ever-growing list of asset managers and retirement plan providers being sued by their employees for fiduciary breach in the company 401(k) plan. Current participants in two New York Life 401(k) plans filed a class-action lawsuit — Andrus et al v. New York Life Insurance Company et al — alleging self-dealing by the firm and other affiliated …
Asset managers that limit employee retirement plan investment choices to proprietary, in-house mutual funds are putting a legal target on their backs, attorneys said. In the context of a rash of lawsuits by employees against financial services companies alleging breach of fiduciary duty in managing 401(k) plans, asset management companies that populate their retirement plans solely with house …
SUMMARY NOTICE OF PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENT TO: ALL PERSONS AND ENTITIES WHO PURCHASED OR ACQUIRED COMMON STOCK OF NAVISTAR INTERNATIONAL CORPORATION (“NAVISTAR” OR THE “COMPANY”) (TICKER SYMBOL: NAV) BETWEEN March 10, 2010 and August 1, 2012, BOTH DATES INCLUSIVE (THE “CLASS PERIOD”). PLEASE READ THIS NOTICE CAREFULLY. YOUR RIGHTS MAY BE AFFECTED BY A CLASS ACTION …
Boston Retirement System, the public pension fund for Boston municipal employees, filed the first bondholders proposed class action against Volkswagen AG (VOWG_p.DE) related to the company’s diesel emissions scandal, law firm Labaton Sucharow LLP said. The lawsuit, which also names as defendants Volkswagen Group of America Inc and Volkswagen Group of America Finance Inc, claims that “false and …
San Francisco Giants pitcher Jake Peavy is among the athletes who were defrauded by investment adviser Ash Narayan, the Securities and Exchange Commission alleges in a lawsuit. Documents unsealed in federal court in Dallas indicate Peavy, Denver Broncos quarterback Mark Sanchez and former MLB pitcher Roy Oswalt were defrauded of around $30 million. Bloomberg News reported the SEC says Narayan …