Daily Archives: January 26, 2024, 9:06 am

SEC Charges Chicago-based Aon Investments and Former Partner with Misleading Pennsylvania Public Employees’ Pension Fund

The SEC’s orders find that Aon was responsible for calculating PSERS’s investment returns for “risk share,” a provision under Pennsylvania law that requires public school employees to contribute more to their pensions if the retirement fund does not meet certain investment return rates. If PSERS’s investment return rate for the nine-year period ending June 30, 2020 was lower than 6.36…

Read More

Big Donors Back New Group to Fight ‘Deep State’ at Supreme Court

A little-known legal group that’s quickly emerged as a top US Supreme Court litigator is helping steer a broad high court challenge to government agency power. The New Civil Liberties Alliance identifies as nonpartisan. But it’s backed by groups tied to powerful sources of conservative funding, including billionaire Charles Koch and entities linked to legal activist Leonard Leo, who’s had…

Read More

DOJ and SEC investigate self-driving car company Cruise – The Washington Post

The Department of Justice and the Securities and Exchange Commission have opened an investigation into General Motors-owned autonomous car company Cruise, following an October incident here where one of its cars hit a jaywalking pedestrian and dragged her about 20 feet. Confirmation of the federal probe comes months after the California Department of Motor Vehicles suspended the company’s permits following…

Read More

Is Cryptocurrency Like Stocks and Bonds? Courts Move Closer to an Answer. – The New York Times

In recent years, regulators have seized on that legal precedent to argue that cryptocurrencies are just another security, like shares of Apple or General Motors. The crypto industry has fought back, leaving it in a legal gray zone with an uncertain future in the United States. Now the long-running dispute is edging closer to a resolution, as federal judges begin…

Read More

Hedge Fund Chatham Demands $100M From Compliance Team After SEC Probe – Bloomberg

Wall Street firms usually grumble in private after getting punished by regulators. Anthony Melchiorre’s Chatham Asset Management is dragging its advisers into a public legal battle for $100 million. The $6 billion hedge fund is demanding that Adviser Compliance Associates not only cover Chatham’s costs for settling a US probe last year, but also damage to its business. In an…

Read More

Robinhood Investors Fail to Save Suit Alleging IPO Deceptions

Robinhood Markets Inc. shed a proposed investor class action over allegedly misleading statements in its initial public offering documents. US District Judge Edward M. Chen granted Robinhood’s motion to dismiss the plaintiffs’ second amended complaint, without giving the plaintiffs a chance to change it. The investors didn’t adequately allege claims under Sections 11, 12, and 15 of the Securities Act…

Read More