Law

US/UK - A US law firm is advising European pension funds and institutional investors to opt out of the US class action against Royal Bank of Scotland and to seek damages in the UK.

CANADA - The Ontario government has proposed a number of changes to the employment pension system in what could be the most far reaching reform in the last two decades.

UK - As many as 150,000 additional people will be caught out by the extension of higher-rate tax relief restrictions announced in today's pre-budget report.

Chancellor Alistair Darling is expected to delay the introduction of personal accounts for a year as part of spending cuts in today's Pre-Budget Report.

US - The chairman of private equity firm Markstone Capital Group has pleaded guilty in the on-going investigation of pay-to-play kickback schemes at the New York State Common Retirement Fund (CRF).

US - Verizon retirees have sued the telephone company alleging they had been illegally transferred and, as a result penalized, to the pension plans sponsored by Idearc, a now bankrupt company.

US - A group of AK Steel retirees will receive over US$51m as a compensation for having been paid less than the full accrued benefit due to them under the AK Steel Pension Plan.

US - Five Ohio pension funds have filed a lawsuit against the three ratings agencies for allegedly providing strong ratings to mortgage backed securities in exchange for kickbacks from the issuing firms.

NETHERLANDS - The Dutch government's planned reform on retirement age which would see Dutch workers retiring at 67 instead of 65 came under the fire of the opposition parties during a parliamentary debate yesterday.

NETHERLANDS - Dutch MPs are discussing today the controversial pension age reform with prime minister Jan Peter Balkenende and finance minister Wouter Bos.