Law

IRELAND - The Pensions Board has prosecuted a trustee board for failing to submit an actuarial funding certificate.

US - Marsh & McLennan, Mercer's parent company, has agreed to pay $4.75m to settle a suit brought by the Ohio attorney general alleging the firm conspired to eliminate competition in the commercial casualty insurance industry.

US/EUROPE - Pension funds from Europe and the US have been given the go-ahead to proceed with a securities fraud lawsuit against Bank of America and Merrill Lynch.

US - Toyota Motor Corp. will face a Maryland public pension fund as the lead plaintiff in a consolidated shareholder lawsuit in which it's accused of failing to disclose defects related to sudden acceleration.

UK - British Telecom is to challenge Ofcom's decision not to take into account its scheme deficit when setting its regulated charges.

US - Five pension funds in New York and Ohio will jointly seek lead plaintiff status in a class action suit against BP, certain officers and directors and BP America, New York comptroller Thomas DiNapoli said.

US - The American International Group has agreed to pay US$725m to settle a class action suit brought by three Ohio pension funds alleging bid-rigging, stock price manipulation and accounting fraud.

US - Pfizer directors should be held liable for the drugmaker's repeated violations of federal laws governing drug-marketing practices that resulted in the company having to pay a US$2.3bn settlement, a union pension fund said in a lawsuit.

More than 94% of respondents to the Global Pensions 100 Panel said they had no intention of taking legal action against BP to recoup losses to their investments following the Gulf of Mexico oil spill.

UK - Employers who thought they were free of funding obligations might still be "on the hook" for paying liabilities, following a High Court ruling yesterday.