US - Five Ohio pension funds were awarded US$144m from AOL Time Warner, marking the largest payout yet in a series of law suits claiming AOL inflated its stock price before the companies' 2001 merger.
Five pension funds, including the $65.8bn Ohio State Teachers Retirement System, and the $19bn Bureau of Workers’ Compensation will receive sums of up to $66.5m by March 22 under the terms of the settlement.
Attorney General Marc Dann said the latest ruling sent a loud and clear message that investors and pension holders would not tolerate fraud and corruption.
Dann added: “If you abuse the public trust and steal from taxpayers you will pay the price.”
Ohio Public Employees Retirement Fund board member Bob Smith said the trustees of the $65.2bn fund were very pleased with its settlement of $62.3m.
Ohio opted out of a class-action law suit which Dann estimated would have awarded the funds only $9m.
CalSTRS and a group of Pennsylvanian pension funds have previously received settlements of $105m and $23m respectively from AOL Time Warner.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.