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Detroit Pension Fund Denied $39.9M Claim Against Banks
Reuters Link to more items from this source
Sept. 19, 2013

"An arbitration panel has denied fraud claims against Citigroup Global Markets, Morgan Stanley & Co and others brought by Detroit's Police and Fire Retirement System, which was seeking $39.9 million in damages. The three-member panel of [FINRA] ... denied and dismissed ... all of the claims the pension fund filed against the banks in May 2010. The fund accused the banks of fraud and breaching contracts and their fiduciary duty over their recommendations to invest in various collateralized debt obligation funds. The pension fund, which reported net assets of $2.9 billion at the end of fiscal 2012, sought $39.9 million in actual and compensatory damages."

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