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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.