*this is why 401Ks suck. You have absolutely no legal recourse when you lose your money. The administrator has no fiduciary duty to YOU! Rollover to a self directed IRA. (for more info email scbrennan.esq@gmail.com)
Judge tosses out class-action lawsuit against Citigroup
A U.S. judge dismissed a class-action lawsuit against Citigroup that claimed the company violated fiduciary duties under the Employee Retirement Income Security Act by including its own stock as an investment option. "Investment in Citigroup stock was presumptively prudent, and plaintiffs have failed to allege facts in support of a possible claim to overcome that assumption," said District Judge Sidney H. Stein. Workforce Management Online (02 Sep.)
Recovery too slow to bring down U.S. unemployment rate
Improvements slowly appearing in the U.S. economy are not enough to persuade employers to hire, economists said, meaning unemployment will continue to increase for some time. "We have a very long, painful healing process ahead," said Bruce Kasman, chief economist at JPMorgan Chase. "The good news is we're starting it. The bad news is we need much faster growth" to cut the unemployment rate. Economists expect the Labor Department to report that unemployment increased from 9.4% in July to 9.5% last month. Forbes/The Associated Press (04 Sep.)
China to phase in stricter capital requirements for banks
In response to concerns about new lending, the China Banking Regulatory Commission clarified that it will gradually phase in stricter capital requirements for domestic lenders. "In order to enhance the capital quality of the banking sector, the CBRC is studying excluding cross-bank holdings of subordinated debt from their supplementary capital base over the course of several years," the commission said. Reuters (03 Sep.)
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