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Steamfitters Sue Investment Firm Over Madoff Losses

Law360 (June 12, 2009, 12:00 AM EDT) -- A steamfitters union pension fund has filed a putative class action against a unit of KeyCorp, alleging the investment management firm ignored a series of red flags regarding Bernard L. Madoff's enormous Ponzi scheme before investing millions of dollars with a Madoff feeder fund.

In a complaint filed Thursday in the U.S. District Court for the Eastern District of Pennsylvania, the Pittsburgh-based board of trustees of the Steamfitters Local 449 Retirement Security Fund sued Austin Capital Management Ltd., KeyCorp and several senior executives for making imprudent...
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