News & Analysis as of

California Public Employees Retirement System

Connections the Key for Resolving CalPERS Issues - BB&K Partner Isabel Safie Helped Two Public Agencies Overcome Problems

by Best Best & Krieger LLP on

Best Best & Krieger LLP Partner Isabel Safie recently represented two special district clients in mitigating potential negative impacts related to CalPERS findings....more

September 2017: U.S. Supreme Court Holds That American Pipe “Tolling” Does Not Apply to Statute of Repose for Securities Act...

In California Public Employees’ Retirement System v. ANZ Securities, Inc., 137 S. Ct. 2042 (2017) (“CalPERS”), the Supreme Court resolved a longstanding circuit split by holding that the class action “tolling” principle set...more

Inside the Courts – An Update From Skadden Securities Litigators - September 2017/ Volume 9 / Issue 3

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between May 2017 and August 2017....more

Supreme Court Decision Imposes Strict Filing Deadline on Civil Actions Related to Securities Offerings

On June 26, 2017, the United States Supreme Court issued its opinion on California Public Employees’ Retirement System v. ANZ Securities, Inc., No. 16-373, ruling that actions involving securities offerings and sales are...more

CalPERS And Securities Lending – Waiting For Godot?

by Allen Matkins on

California Government Code Section 7603 is short and unambiguous - All loans of securities shall be made pursuant to one of the standardized security loan agreement forms, as developed by the administrators of the State...more

Tolling Securities Claims: “In No Event” Means ... What It Says

by Latham & Watkins LLP on

US Supreme Court: Securities Act’s 3-year statute of repose is not subject to equitable tolling, providing greater certainty to underwriters. Key Points: ..Case has significant implications for financial Institutions...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Supreme Court concluded that the three year limitation period for bringing suits based on Section 11 of the Securities Act is a statute of repose – it cannot be extended. The High Court also agreed to hear next term a...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

European antitrust regulators have dropped a massive $2.7 billion fine on Google for allegedly “unfairly favoring some of its own search services over those of rivals”....more

Shareholders Are Getting Restless; Climate Change Resolution Passes at Occidental

In March, I noted BlackRock’s increasing concern over climate. One element of its statement was “potential support for shareholder resolutions on climate risk”, where “management’s response to our prior engagement has been...more

Five on Friday – Five Recent Developments that We’ve Been Watching Closely - May 2017

It’s Friday and time for another overview of developments in the field of business and human rights that we’ve been monitoring. This week’s post includes: a new report on the state of corporate human rights reporting; the...more

Renewable Energy Update - May 2017 #2

by Allen Matkins on

Renewable Energy Focus - EIA charts utility-scale solar’s ‘rapid’ five-year growth - Solar Industry Magazine - May 4 - U.S. utility-scale solar installations, including both photovoltaic (PV) and thermal...more

Briefs Filed in CalPERS v. ANZ Securities

On February 27, 2017, the California Public Employees’ Retirement System (“CalPERS”) filed its brief with the Supreme Court, requesting that the Court reverse the decision of the Second Circuit and abrogate the Second...more

Blog: Shareholder Proposals Regarding Lead Director Tenure: A Harbinger Of Things To Come?

by Cooley LLP on

The topic of director tenure has increasingly become the focus of both academics and investors. Some argue that long-term directors contribute deep knowledge of the company and provide experience, historical memory and...more

The Supreme Court Will Review Whether Putative Class Actions Toll the Statute of Repose for Class Members’ Individual Securities...

by BakerHostetler on

On January 13, 2017, the Supreme Court granted certiorari in California Public Employees’ Retirement System v. ANZ Securities, Inc., No. 16-373 (ANZ Securities), to resolve whether the filing of a putative class action tolls...more

First District Court of Appeal Speaks Again on Vested Rights as It Upholds the Constitutionality of PEPRA's Elimination of...

by Nossaman LLP on

On December 30, 2016, Division Three of the First District Court of Appeal (“DCA”) issued a unanimous published decision in Cal FIRE Local 2881, et al. v. CalPERS, et al. (Dec. 30, 2016, A142793) (“CalFIRE Decision”)...more

Preparing for the 2017 Public Company Reporting Season

by Perkins Coie on

Reevaluate Non-GAAP Disclosures in Light of Updated C&DIs and Other SEC Actions. As the reporting season gets underway, reviewing non-GAAP disclosure practices should remain a top priority in light of the new and updated...more

Is The SEC’s Universal Proxy Proposal A Product Of Agency Capture?

by Allen Matkins on

More than six decades ago, the late Professor Marver H. Bernstein published his theory of regulatory capture in Regulating Business By Independent Commission (Greenwood Press 1955). According to his theory, agencies follow a...more

California's Legislature Puts Additional Disclosure Pressure on Fund Managers with the Passage of AB 2833

by Nossaman LLP on

On August 24th, the California Legislature approved Assembly Bill No. 2833 (“AB 2833”), which is now headed to Governor Jerry Brown’s desk for signature. If Governor Brown signs the bill, as is expected, all public pension...more

The Entrepreneurs Report - 1H 2016

Dual-Class Stock: A Founder Favorite Faces Growing Investor Disapproval - Earlier this year, the investment firm T. Rowe Price adopted new voting policies that penalize companies with dual-class stock structures. They...more

Blog: How Do Activists Get Corporate Boards To Focus On Climate Change Issues? Talk Softly And Carry A Big Stick

by Cooley LLP on

With today’s signing of the Paris climate change accord, one question that now arises is how do activists get corporate boards to focus on climate change issues? They talk softly and carry a big stick. And, according to this...more

Board Refreshment: Investors Respond to Trends in Mandatory Retirement Age and Tenure with More Stringent Voting Policies

by Dorsey & Whitney LLP on

As many institutional investors have concluded, prevailing governance policies and practices have not produced desired board refreshment, which these investors would support in order to strengthen expertise, promote diversity...more

Renewable Energy Update - March 2016 #3

by Allen Matkins on

Renewable Energy Focus - Davis and Yolo County take charge of electricity purchases - Sacramento Bee - Mar 21 - Yolo County and the City of Davis are joining a growing number of communities in California in...more

In Case You Missed It - Interesting Items for Corporate Counsel - March 2016

by Stoel Rives LLP on

For those gearing up for the 2015 conflict minerals report, due June 1, 2016, note that nothing on the legal front has changed. The D.C. Circuit Court’s ruling that requiring a company to state whether its products are “DRC...more

IREG Update - California Commissioner calls for divestiture from carbon-based investments

by Dentons on

California Commissioner calls for divestiture from carbon-based investments - California Insurance Commissioner Dave Jones calls for insurance industry divestment from thermal coal and announces a new requirement for...more

Insurance Commissioner Calls For Thermal Coal Divestment And Disclosure

by Allen Matkins on

Late last month, California’s Insurance Commissioner announced that he had “asked all insurance companies doing business in California to voluntarily divest from their investments in thermal coal”. Thermal coal, also known...more

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