Law

US - The California Public Employees' Retirement System (CalPERS) plans to search for a new general investment consultant, and the incoming advisor will have to offer a broader scope of services than in the past.

US - The Employees Retirement System of the City of New Orleans (NOERS) has sued Warren Buffett's Berkshire Hathaway and Burlington Northern Santa Fe (BNSF) alleging Berkshire's planned acquisition of BNSF discriminated other investors.

US - State Street Corp. said on Friday it added another US$250m into its legal reserve and entered into an $89.8m proposed settlement of a class action suit regarding strategies run by State Street Global Advisors.

US - Two more people pled guilty in the ongoing investigation relating to a pay-to-play scheme at the New York State Common Retirement Fund (CRF), New York state attorney general Andrew Cuomo announced yesterday.

UK - Conservative Party plans to accelerate the increase in the state retirement age have been backed by senior industry figures.

UK - The next government should introduce an independent pensions commission to provide long-term continuity over pensions policy, a survey by GP's sister publication Professional Pensions revealed.

UK - There will be an ongoing process of automatic re-enrolment into personal accounts, pensions minister Angela Eagle said.

UK - The High Court has ruled it is legal for employers to force workers to retire at the age of 65.

The Court of Appeal has overturned a tribunal decision that gave an unfair dismissal victim compensation for the loss of her defined benefit pension.

A recent court ruling could spell the end of the tortuous journey downhill that the defined benefit scheme has taken since the happier times of the early 90s, says Maria Riccio