August 11, 2014 / 5:00 PM / 3 years ago

U.S. regulator charges Kansas over underfunded pension

WASHINGTON, Aug 11 (Reuters) - The U.S. Securities and Exchange Commission said on Monday it has charged Kansas with fraud for not properly disclosing funding problems with its public pension plan, in the third time the federal regulator has taken action against a state.

Kansas, which was under investigation for nearly four years, has already implemented reforms in how it discloses its pension liabilities and has agreed to settle the charges for its prior incomplete disclosures, without admitting or denying the commission's charges, the SEC said. (Reporting By Lisa Lambert; Editing by Chizu Nomiyama)

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