Regulation

US/NETHERLANDS - Dutch pension fund Stichting Pensioenfonds British American Tobacco (Pension Fund BAT) is suing State Street Bank & Trust for losses in a long/short fund run by State Street Global Advisors.

US/ISRAEL - Telecommunication software provider Comverse Technology will pay US$225m to a group of investors, including at least one pension fund, in what is said to be the largest settlement involving an Israeli institution serving as lead plaintiff....

The Financial Services Authority fears advisers and employee benefit consultations will switch group personal pensions around the market to continue receiving commission.

US/UNITED ARAB EMIRATES - The Abu Dhabi Investment Authority (ADIA) said it plans to fully "pursue its legal rights" as it looks to pull out of its 2007 investment in Citigroup or receive US$4bn in compensation.

NETHERLANDS - De Nederlandsche Bank, the Dutch central bank, said it plans to improve the risk management functions at local pension funds after a review of the industry found schemes took on too much investment risk.

The Accountancy and Actuarial Discipline Board has launched an investigation into the conduct of an accountant in connection with matters related to the financial statements of Equitable Life Assurance Society in 1999.

Trivial commutation regulations which should have come into effect on December 1 have been delayed due to a government drafting error, a law firm says.

EUROPE - Increased reporting on debt has been introduced by the third compromise version of the Alternative Investment Fund Managers (AIFM) directive released today by the Swedish Presidency of the European Council.

GLOBAL - International law firms Lovells and Hogan & Hartson are to merge.

US - A pension fund is suing Goldman Sachs alleging officials and the board breached their fiduciary duties by allowing an expected US$22bn in 2009 bonuses.