Houston Pension Plan Takes Aim At Highland Capital

Law360, New York (May 24, 2011, 7:34 PM EDT) -- A Houston pension fund sued Highland Capital Management LP in Delaware state court on Monday, claiming the investment management firm lied to investors and looted its now-shuttered Crusader Fund in a move that cost them millions.

The Houston Municipal Employees Pension System accused Highland of mishandling the fund with its self-dealing, including investing the fund in its own business interests, buying toxic assets from affiliates and stripping the fund of all but junk assets, according to the suit.

According to the suit, the HMEPS invested $15...
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