2nd Circuit Panel Affirms Investment Advisers Liable For Pension Plan Losses

Mealey's (September 1, 2016, 3:26 PM EDT) -- NEW YORK — A Second Circuit U.S. Court of Appeals panel on Aug. 30 affirmed a ruling that 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 (Severstal Wheeling, Inc. Retirement Committee, et al. v. WPN Corporation, et al., No. 15-2725, 2nd Cir.; 2016 U.S. App. LEXIS 15970).

(Summary order available. Document #54-160914-050R.)

The panel...
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