New York Federal Judge Holds Investment Advisers Liable For Pension Plan Losses

(August 19, 2015, 7:24 AM EDT) -- NEW YORK — The investment advisers for employee pension plans sponsored by Severstal Wheeling Inc. (SWI) and its predecessors are liable for the full amount of investment losses — $9.6 million — due to their failure to properly diversify and manage the plans, disgorgement of the $110,438 in fees that they received under the management agreement and prejudgment interest, a New York federal judge ruled Aug. 10 (Severstal Wheeling, Inc. Retirement Committee, et al. v. WPN Corporation, et al., No. 10-954, S.D. N.Y.; 2015 U.S. Dist....
To view the full article, register now.