Swedish Pension Fund Sues BNY Mellon Over $35M Loss

Law360, New York (November 9, 2010, 4:41 PM EST) -- One of Sweden's largest pension funds has launched a suit seeking $35.5 million in damages for negligent investment decisions Bank of New York Mellon Corp. allegedly made in its capacity as global custodian of the $30.6 billion fund.

Swedish pension fund Forsta AP-fonden lodged its suit with the Commercial Court in London on Monday, according to a press release issued by the fund.

BNY Mellon breached the fund's investment guidelines and acted negligently in investing collateral in notes issued by Sigma Finance Inc., a structured investment...
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