CANADA - Justice John Ground has ruled some of union CUPE's complaints against the Ontario Municipal Employees Retirement System (OMERS) will go to trial.
CUPE had accused OMERS of running "fast and loose" with its members' money when it brought out a lawsuit in May 2005 against the pension fund, Borealis Capital Corporation and Borealis Real Estate Management Inc.
The lawsuit concerned the C$100m worth of annual and termination fees paid out over a 19-month period, for "outsourcing and then repatriating management of OMERS real estate assets".
OMERS has consistently stated that the lawsuits "were without merit" and in the face of the decision by justice John Ground to proceed to trail remain "confident that the evidence will clearly demonstrate that OMERS acted appropriately".
Sid Ryan, president of CUPE, claimed the much-criticised cost of the lawsuit had "already benefitted" its members, as the province had since "passed Bill 206 giving members joint trusteeship of the plan".
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