News Releases - May 2019

Treasurers from Three States to Support Independent Board Chair at Facebook

Harrisburg, PA - Calling on Facebook to separate the roles of Chief Executive Officer and board chair, three state treasurers announced today they would support a shareholder resolution to reform the company’s governance. State treasurers Joe Torsella, Pennsylvania; Deborah Goldberg, Massachusetts; and Beth Pearce, Vermont, today joined in support of separating the roles of board chair and chief executive officer at Facebook. Investors will vote on this proposal on May 30, 2019, at Facebook’s 2019 Annual Meeting of Shareholders.

Treasurer Torsella Files Enforcement Action against PPL Corporation to Protect Pennsylvania Consumers

Harrisburg, PA - Pennsylvania Treasurer Joe Torsella today filed a complaint in Commonwealth Court against PPL Corporation (PPL) for its failure to cooperate with an ongoing unclaimed property audit by refusing to produce un-redacted documents and insisting on a limited visual inspection of thousands and thousands of records thereby preventing Treasury’s auditors from doing their necessary work to ensure compliance with the Pennsylvania Disposition of Abandoned and Unclaimed Property Act (DAUPA).

Treasurer Torsella Named To Represent Class in Alleged Bond Manipulation Scheme

Harrisburg, PA - Pennsylvania Treasurer Joe Torsella has been appointed as lead plaintiff by Judge Jed S. Rakoff of the Federal District Court for the Southern District of New York in a proposed antitrust class action against 16 financial institutions that allegedly conspired to fix the prices of bonds issued by the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). Treasurer Torsella initiated the class action in February of 2019 on behalf of all Commonwealth funds under his custodial care.

Treasurer Torsella, Reps. Kyle Mullins, Marty Flynn, and Bridget Kosierowski Celebrate Keystone Scholars Program

Scranton, PA - Pennsylvania Treasurer Joe Torsella today was joined by Representatives Kyle Mullins, Marty Flynn, and Bridget Kosierowksi to celebrate the new Keystone Scholars program. Keystone Scholars provides a $100 starter deposit to a PA 529 account for every child born or adopted to a Pennsylvania family, on or after January 1, 2019, to be used for future postsecondary education expenses.