Investor Sues Western Union Over Drug Cartel Transfers

Law360, New York (February 21, 2014, 6:14 PM EST) -- A Massachusetts pension fund hit The Western Union Co. and its top executives and board members with a shareholder class action in Colorado federal court Thursday, alleging they exposed the fund to risk by accepting money transfers from drug cartels and human traffickers.

The Cambridge Retirement System, which owns about 13,000 shares in Western Union, alleges that the company’s board and officers breached their fiduciary duties after nearly a decade of deliberate noncompliance with federal and state financial laws over questionable money transfers, according to the...
To view the full article, register now.