The Fresno County Employees’ Retirement Association is looking to recoup some losses it suffered as a result of what it claims was misleading information published by one of its investments. The company allegedly failed to report a halt in production that impacted stock values.
The class action lawsuit, filed in New Jersey, is just one of many that the pension association routinely participates in after it loses money on an investment. There are about 400 such cases filed each year. Only two out of three eventually result in some form of settlement or judgment.
However, after the County Association loses hundreds of thousands of dollars, even recouping part of the loss can result in a sizable savings for the investment portfolio.
From the Fresno Bee:
A Polish vodka investment that stumbled badly has pulled the Fresno County employees’ pension program into federal court, far from California.
Along with other angry parties convened in a Camden, N.J., courtroom, the Fresno County Employees’ Retirement Association is suing a leading liquor producer whose plunging stock price cost a lot of people money. The Fresno pension plan alone lost nearly $400,000 because officials with the company, the Central European Distribution Corp., misled investors, attorneys charge.
Read the full article here.