Chicago's contributions to its four retirement systems will be too skimpy to curb unfunded pension liability growth in the next 10 years regardless of how state lawmakers address the problem and how the court system rules, Moody's Investors Service said on Tuesday. The third-biggest U.S. city has been mired in a financial crisis largely fueled by its $20 billion unfunded pension liability. Moody's, which dropped Chicago to the "junk" level of Ba1 with a negative outlook in May, laid out four scenarios facing Chicago based on the fiscal 2016 budget it passed last month.
LONDON (AP) — British Prime Minister David Cameron laid out his government's demands for European Union reform Tuesday, saying a looser "British model of membership" would let him campaign "heart and soul" for his country to stay in the 28-nation bloc.
By Jonathan Stempel and Nate Raymond NEW YORK (Reuters) - U.S. prosecutors on Tuesday unveiled expanded criminal charges against three men in connection with a massive 2014 cyberattack against JPMorgan Chase & Co and the hacking of several other major financial companies and financial news publishers. Gery Shalon, Joshua Samuel Aaron and Ziv Orenstein were charged in a 23-count indictment over crimes including computer hacking, securities fraud, wire fraud, identity theft, illegal Internet gambling and conspiring to commit money laundering. Charlotte, North Carolina and elsewhere, the indictment said.