US - The Pension Benefit Guaranty Corporation is seeking $25m in damages from Morgan Stanley Investment Management over risky pension investments it made for New York's Saint Vincent Catholic Medical Centres' pension plan.
In 2007 and 2008, Morgan Stanley invested the assets of Saint Vincent's pension plan in mortgage-backed securities. The PBGC, which is now responsible for paying benefits to Saint Vincent's 9,50...
To continue reading this article...
Join Professional Pensions
- Unlimited access to real-time news, analysis and opinion from the industry
- Receive our in-depth monthly magazine in either print or digital format
- Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
- Receive important and breaking news stories selected by the Editors in our daily newsletter
- Hear from industry experts and other forward-thinking leaders
- Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date