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.
A number of pension schemes have been prompted to lock in gains with a move into bonds after the estimated deficit across FTSE 100 DB pension schemes improved by £36bn, over the 12 months ending 30 June last year, JLT Employment Benefits found.
HM Treasury has agreed in principle to give NEST a £329m contingent liability guarantee in the event of the master trust's wind up or closure.
AMP Capital has set up a dedicated team to help institutional investors, including pension funds, invest in infrastructure through direct equity allocations.