INCLUDING: US - Dept of Labor sues Vigilance; SWEDEN - Carnegie introduces strong action programme; EUROPE - Montgomery rejoins LaSalle; SAUDI ARABIA - Credit Suisse expands presence in Saudi
The US Department of Labor has sued Vigilance and its subsidiary Harmony Software to obtain the appointment of independent fiduciaries to manage and distribute approximately US$580,565.22 in assets to participants covered by the two companies' abandoned 401(k) plans.
Separate lawsuits were filed against Vigilance and Harmony Software in the US District Court for the Northern District of California, each alleging that the company failed to provide for the continued administration of its 401(k) plan.
SWEDEN - Carnegie introduces strong action programme
Pension adviser Carnegie has presented a strong action programme to the Swedish Financial Supervisory Authority (SFSA), the Swedish Central Bank and the National Debt Office.
The program contained a number of measures to ensure stability and guarantee the company's financing. The board of the SFSA will decide on the matter of possible sanctions towards Carnegie. The action programme is also conditional on Carnegie keeping its licenses.
EUROPE - Montgomery rejoins LaSalle
EUROPE - LaSalle Investment Management has announced Libby Montgomery has rejoined the firm's global client services team.
Montgomery will be based in London and focus on raising capital from investors in Italy and Spain. LaSalle recently opened its first office in Italy in June of this year, headed by Francesco Coviello in Milan.
SAUDI ARABIA - Credit Suisse expands presence in Saudi
Credit Suisse has announced its majority ownership of Saudi Swiss Securities. The joint venture has been renamed Credit Suisse Saudi Arabia.
It will deliver private banking, investment banking and asset management services to the bank's clients. The bank will also deal as agent in the Saudi stock market.
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