Law

The WTL International Retirement Benefits Scheme's claim of breach of contract and negligence against Scottish Widows has been rejected in the courts.

US - The San Diego County Employees Retirement Association (SDCERA) has said it will appeal against a New York court decision preventing it from recouping its investment in a collapsed hedge fund.

NETHERLANDS/BELGIUM - A group of Dutch and Belgian investors is planning to sue ABN Amro and KBC who acted as counterparties in trades with Lehman Brothers and Ernst & Young who audited the bank's accounts.

NETHERLANDS/US - Dutch asset manager APG has filed a suit against Bank of America (BofA) alleging the firm misled shareholders in the lead-up to its acquisition of Merrill Lynch.

US - Former chief investment officer at the office of the New York State comptroller David Loglisci has pleaded guilty in the on-going investigation of pay-to-play kickback schemes at the New York State Common Retirement Fund (CRF).

US - The International Brotherhood of Electrical Workers Local 98 pension fund (IBEW) has sued Goldman Sachs accusing the firm of excessive bonus payments.

IRELAND - The Irish government unveiled a set of sweeping reforms to the country's pension system which include raising the state retirement age to 68 and the introduction of a mandatory scheme for all workers in the coming years.

UK/NETHERLANDS - The Enterprise Chamber of the Amsterdam Court of Appeals has rejected a request by Hermes and the Universities Superannuation Scheme to investigate Canon's tender offer worth €730m (US$998.4m) to buy Océ.

EUROPE - The current version of the Alternative Investment Fund Managers (AIFM) directive does not have the qualified majority support in the in the European Council (EC) needed to pass, a document by the EC showed.

US - The American International Group (AIG) has agreed to pay US$8m to settle a lawsuit launched by the Oregon Public Employees Retirement System (PERS), which accused the insurer of poor disclosure and bid-rigging.