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Northern Trust Countersues BP in Index Fund Dispute
Pensions & Investments
July 26, 2009 Excerpt: Northern Trust Co. and Northern Trust Investments have countersued the BP Corp. North America Inc. savings plans investment oversight committees over alleged securities-lending losses in index funds, accusing the committees of possibly violating ERISA and seeking counterdamages. The countersuit, filed earlier this month, was the latest salvo in the dispute between the two parties. In October, the BP committees sued Northern Trust, claiming it had mismanaged four index funds available to employees participating in BP's savings plan that engaged in securities lending, and is seeking unspecified damages. MORE >> |
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