OneAmerica Appoints Sales Director in Indiana

The companies of OneAmerica selected Mike Gastineau as regional sales director for retirement business in Indiana.

Working out of OneAmerica’s Indianapolis regional office, Gastineau will help lead sales, marketing and service functions for most of the state. He replaces Mike Grimme, who left Indianapolis earlier this year to establish and lead OneAmerica’s new retirement office in Seattle.   

Matt Shanks remains as the other regional sales director in the Indianapolis office.     

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Gastineau most recently worked in a similar position serving Indiana for The Hartford, after spending time as an adviser at Morgan Stanley.     

He earned his bachelor’s degree at Ball State University and an MBA at Indiana Wesleyan, where he also served as an adjunct professor of finance and economics.

 

J.P. Morgan Settles Securities Lending Suit

J.P. Morgan Chase agreed to pay $150 million to settle a lawsuit claiming losses from the bank’s securities lending program.

The class action lawsuit over J.P. Morgan Chase’s investment in structured investment vehicle Sigma Finance Inc. through its securities lending program was brought by the AFTRA Retirement Fund; the Imperial County Employees’ Retirement System; and the Manhattan and Bronx Surface Transit Operating Authority Pension Plan (see “Court Certifies Class in J.P. Morgan Securities Lending Suit“).   

The pension funds alleged that J.P. Morgan breached its Employee Retirement Income Security Act (ERISA) and New York state law-imposed fiduciary duties by investing in Sigma when it should have known that Sigma was a poor investment. Sigma collapsed in September 2008.

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