Westridge Client Sues Adviser Over $56M Ponzi Investment

Law360, New York (January 24, 2012, 5:29 PM EST) -- Acument Global Technologies Inc. sued its investment adviser on Friday for recommending that the company's pension fund invest $56 million in Westridge Capital Management Inc., whose managers have been charged in a $670 million Ponzi scheme.

In a complaint filed in New York federal court, the Sterling Heights, Mich.-based mechanical fastening producer claims consulting firm Towers Watson & Co. breached its fiduciary duty by failing to conduct due diligence on Westridge before recommending it as an investment.

Acument hired Watson Wyatt Investment Consulting Inc. in 2007...
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