Dutch Pension Fund Files Claims Against Goldman Sachs Group Inc-Reuters

Reuters reported that Dutch pension fund Pensioenfonds Vervoer has filed two claims totalling up to EUR240 million ($300 million) against a unit of Goldman Sachs Group, alleging negligence leading to losses. The transport workers' pension fund alleged that Goldman Sachs Asset Management International, in its capacity as fiduciary manager, made inappropriate investments at the height of the financial crisis. The claims, filed at the High Court in London, relate to the period 2006-2010. One of the claims, of up to EUR81 million, relates to investments in subprime debt made in 2007. The other claim, of up to EUR159 million, alleges the asset manager took too long to implement a mandate to invest in global high yield bonds during 2009, which resulted in substantial losses.