The Securities and Exchange Commission has charged the state of Kansas with securities fraud following a nationwide review of bond offering documents to find out whether municipalities were properly disclosing pension liabilities and other risks to investors, The Wall Street Journal reports.
Kansas, which has been adopting new policies and procedures to improve disclosures about its pension liabilities since the SEC began its inquiry and has now fully implemented remedial actions, has agreed to settle the fraud charges without fines or penalties, the Journal says. Kansas becomes the third state, after New Jersey and Illinois, with which the SEC has reached such an agreement, according to the Journal.
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