Legal

Foreclosure-battled inland California cities are contemplating condemning pension-fund owned mortgages to save them; investors are outraged.

South Carolina Treasurer Curtis Loftis believes financial documents tied to investment decisions of the state's pension portfolio should be reviewed by more people.

A federal judge in Chicago has ordered the United Employee Benefit Fund in Northbrook to fix improper plan loans totaling more than $1.7 million.

JPMorgan Chase said Friday that a bad trade had cost the bank $5.8 billion this year, almost triple its original estimate, and raised the prospect that traders had improperly tried to conceal the blunder.

They cut spending, sold assets and even asked public employees to take a financial hit. But budget woes still mounted for San Bernardino city officials.

Legislation passed by Congress that changes how pension plan liabilities are calculated for funding purposes should translate into near-term relief for companies struggling with shortfalls, but wont eradicate long-term shortfalls.