Compliance June 28, 2010

Lanier Law Firm Investigating BP 401(k)

The Lanier Law Firm is investigating possible legal claims related to a 401(k) retirement plan for U.S. employees of BP.  
Reported by

The law firm said it believes there are potential violations of the Employee Retirement Income Security Act (ERISA) by those in charge of BP’s retirement plan, the BP Employee Savings Plan (ESP). According to a press release, at the end of 2009, BP’s U.S. Employee Savings Plan had more than $2 billion invested in BP stock. Since the explosion and eruption of oil, BP’s stock price has fallen by approximately half, accounting for more than $100 billion in lost stock value.  

The retirement plans for many company employees are tied to the stock, costing them what is believed to be hundreds of millions of dollars, the announcement said. 

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The law firm has identified several potential legal claims for participants in the BP Employee Savings Plan whose accounts included units from the BP stock fund. More information is at http://www.lanierlawfirm.com. 

This is the fourth law firm to announce such an investigation into the BP plan (see http://www.plansponsor.com/Yet_Another_Law_Firm_Targets_BP.aspx (Yet) Another Law Firm Targets BP). 

Products June 28, 2010

Thomas White Funds Launches Emerging Markets Fund

Thomas White Funds announced the launch of the Thomas White Emerging Markets Fund.
Reported by

The new no-load fund, managed by Thomas White International, Ltd., invests in securities of companies located in or whose businesses are closely associated with the world’s emerging market countries. 

According to the announcement, the Thomas White Emerging Markets Fund’s objective is to achieve long-term capital growth for its investors by actively seeking investment opportunities in some of the fastest expanding economies in the world. The fund will leverage Thomas White International’s in-house research capabilities and long-term expertise in global investing to identify undervalued firms which have superior earnings power and balance sheet strength 

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Thomas S. White Jr., a former Morgan Stanley Managing Director, President and Chairman of Thomas White International, will serve as the new Fund’s portfolio manager. 

The announcement said the Thomas White Emerging Markets Fund will complement the other no-load funds managed by Thomas White International: The Thomas White American Opportunities Fund, which invests in equity securities of mid-size U.S. companies, and the Thomas White International Fund, which invests in equity securities of companies located in the world’s developed countries outside the U.S. 

 

More information is at http://www.thomaswhite.com/.  

 

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