Financial Services Industry
Industry: Email Alert RSS FeedNews Briefs; Massachusetts plan sues custodian Mellon, over breach of contract and other claims.(News)(Middlesex Retirement System )
Pensions & Investments, July, 2003
BILLERICA, Mass. - The Middlesex Retirement System filed suit July 10 against the $511 million plan's custodian, Mellon Financial, alleging breach of contract, breach of warranty, and negligent representation among other claims. The suit, filed in Middlesex Superior Court, seeks $40 million in damages, according to a news release from the pension plan.
The suit claims Mellon did not independently value the account of money manager Cambridge Financial Management and "merely passed through valuations'' as required by the contract following the death of CFM portfolio manager and founder James Kneafsey earlier this year. Middlesex says the CFM portfolio reflected a $36 million-$38 million loss, not a $1.6 million gain Mellon stated in monthly custody statements,...
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