SEC Offers Word of Caution To Public Pension Funds

Law360, New York (March 6, 2008, 12:00 AM EST) -- The U.S. Securities and Exchange Commission is issuing a stiff warning to public pension funds, urging the institutions to beef up their compliance procedures in order to avoid the same insider trading fate as an Alabama state pension fund.

The SEC delivered the admonition Friday after detailing the discovery of insider trading in Liberty Corp. shares by the fund known as the Retirement Systems of Alabama.

"Today's report reminds public pension funds of their obligations to prevent fraud and protect investors," said SEC Chairman Christopher Cox....
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