The Pension Review Commission has determined its recommendations to improve the management and performance of the state’s largest public pension systems
A Pennsylvania commission—tasked with evaluating and making...more
The Situation: The International Swaps and Derivatives Association, Inc. ("ISDA") has announced the preliminary results of its market consultation concerning the fallbacks rates to be relied on upon cessation of certain...more
A Kentucky court decided in favor of the beneficiaries of Kentucky's Public Retirement System by striking down a motion to dismiss their suit, which alleges that administrators and their advisors breached their fiduciary...more
The Situation: Judge Richard Sullivan of the Southern District of New York ("SDNY") recently issued a post-trial decision in a market manipulation action brought by the Commodity Futures Trading Commission ("CFTC") in...more
At its October 2018 meeting, the Pennsylvania Public School Employees' Retirement System ("PSERS") Board passed a resolution that created an ad hoc committee to look into fee-related issues. The committee will hold its first...more
Pennsylvania's Commission was told at the September hearing regarding the PSERS and SERS probe that $3.8 billion in investment fees have gone unreported.
The Commission in Pennsylvania that has been focusing on the...more
Commodity brokerage firms need to be vigilant as the CFTC signals increased policing and prosecution of insider trading.
The Commodity Futures Trading Commission ("CFTC") filed a complaint on September 28, 2018, in the...more
The Context: In the wake of the Saint-Leu-la-Forêt decision of May 28, 2018, France's Court of Cassation issued an important decision on structured swaps concerning legal actions brought by public authorities against banks...more
9/28/2018
/ Banks ,
Derivatives ,
EU ,
Evidence ,
Exchange Rates ,
Financial Institutions ,
France ,
Hedging ,
Interest Rates ,
Investors ,
Swaps
The schedule for review of the investment strategies of the Public Employees' Retirement System and School Employees' Retirement System just became accelerated.
At its hearing on July 30, 2018, Pennsylvania's...more
This development represents just one aspect of the ongoing debate over active versus passive asset management.
Earlier this month, Pennsylvania's largest public pension fund, the Public School Employees' Retirement System...more
8/27/2018
/ Asset Management ,
Fiduciary Duty ,
Investment Adviser ,
Investment Management ,
Management Fees ,
Popular ,
Public Employees ,
Public Pension ,
Public Schools ,
Retirement Funds ,
State and Local Government
Will this—and similar review in other states—lead to major litigation and regulatory activity?
Active management of pension fund assets, and the associated fees generated for advisory firms, has come under scrutiny in...more
The Situation: The Second Circuit has issued two decisions in recent months that have addressed whether the U.S. securities and/or commodities laws can be applied to transactions with significant foreign ties. Each of these...more
On June 18, 2018, the U.S. Supreme Court dismissed Leidos v. Indiana Public Retirement System, a securities case that raised important and unsettled issues about the scope of liability under Section 10(b) of the Securities...more