Ohio Teachers Sue Wachovia Over $24M Sigma Loss

Law360, New York (December 23, 2010, 2:13 PM EST) -- An Ohio teachers' pension fund has filed a breach of contract suit against Wachovia Bank NA, alleging that the bank's failure to pull the fund's money from a failed structured investment vehicle cost retirees nearly $24 million.

In a complaint filed Wednesday in the U.S. District Court for the Southern District of Ohio, Ohio Attorney General Richard Cordray, acting on behalf of the School Employees Retirement System of Ohio, claimed that Wachovia wrongfully invested $25 million in cash collateral in a securities lending agreement with Sigma...
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