Former exec sues NY life, says insurer manipulated pensions

Article Abstract:

Former New York Life Insurance Co Vice Pres James Mehling has filed suit against the company for allegedly manipulating its pension and 401(k) plans to fund its own line of mutual funds, and thus collect million of dollars in excess fees and expenses. Mehling also filed charges against the company for illegally firing him to prevent him from divulging the alleged scheme. In response to the charges, the company expressed their strong belief that these will be proven unfounded by the court.

New York Life Insurance Co.

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Scandal outrage keeps growing: Crackdown on funds, execs just starting, SEC says

Article Abstract:

Regulators at senate hearings for the widening trading scandal as well as shady sales practices ruined the mutual fund industry. New charges surfaced against former Prudential Securities employees, the head of Putnam Investments being forced out and a Securities and Exchange Commission official's resignation.

Management investment, open-end, Company legal issue, Investigations, Discipline, Powers and duties, Mutual fund industry, United States. Securities and Exchange Commission

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Insurance giant AIG buys SunAmerica for $16.5B

Article Abstract:

American International Group will acquire the Los Angeles, CA-based SunAmerica in a stock deal valued at $16.5 billion. The purchase will provide American International with US market access via SunAmerica's over 9,400 registered representatives. The New York-headquartered American International has operations in 130 countries as a retailer of commercial property, casualty and life insurance. SunAmerica, which specializes in retirement and investment products, will run as an independent company under the present management.

Comment:

Will acquire the Los Angeles, CA-based SunAmerica in a stock deal valued at $16.5 billion

Asset sales & divestitures, Acquisitions & mergers, Life insurance, American International Group Inc., SunAmerica Inc., Article

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