US - The State of Michigan has been appointed lead plaintiff against a class action suit to be brought against failed banking giant Bear Stearns and five current and former executives and directors.
Michigan Attorney General Michael Cox said: "We are fighting to ensure families are not cheated out of their pensions."
Cox added: "I will do everything I can to ensure Bear Stearns is held responsible for misleading investors."
Various media reports in the US said Michigan and Massachusetts had been vying for the high profile position of lead plaintiff. Officials at the office of Timothy Cahill, Massachusetts State Treasurer could not be reached for comment.
Pension funds across the country lost money during Bear Stearn's collapse. The State of Michigan Retirement Systems lost US$62m through its investments with Bear Stearns, according to the release issued by Cox.
Officials a the Pennsylvania Public Schools Retirement System plan to be a part of any class-action suit brought against the firm, said spokeswoman Evelyn Tatkovski. She could not immediately provide details about losses associated with Bear Stearns.
The Pensions Regulator (TPR) has set out plans to use "new regulatory initiatives" with over 1,000 schemes as it aims to tighten its regulatory grip and boost member outcomes.
HM Revenue and Customs (HMRC) has announced it is delaying the provision of data that will enable pension schemes to confirm the guaranteed minimum pension (GMP) benefits to pay to members until the end of the year.
This week's top stories include an article on climate activists from Extinction Rebellion crashing the PLSA's local authority conference, and an in-depth piece on the Court of Appeal's ruling on the BIC UK Pension Scheme case.
Engagement in pensions is rising but there are still a number of barriers to overcome. Natanje Holt looks at the key issues that need to be tackled