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.
Despite improvements in investment manager attitudes towards responsible investment, research reveals there is a way to go before the majority deliver meaningful action. Victoria Ticha explores why
The Co-operative Bank is set to continue de-risking pension schemes after it mitigated further losses by switching from the retail prices index (RPI) to the consumer prices index (CPI).
A model aimed at reducing climate change-related financial risk exposure from corporate credit assets has been launched by Insight Investment.
Universities Superannuation Scheme (USS) members should be responsible for most of the cost of increased contributions if the scheme's defined benefit (DB) section remains open to accrual, Pensions Buzz respondents say.