Dutch transport sector pension fund challenges Goldman Sachs
Saturday 07 July 2012
The Dutch transport sector's pension fund Pensioenfonds Vervoer is preparing to sue Goldman Sachs' asset management unit for €250m for failing to properly manage its portfolio up to 2010.
The claim was submitted to the high court in London on Friday, the Financieele Dagblad reported. Details of the claim have not been made public.
The fund lost 14% of its value in 2008, which was 5.4 percentage points below the asset manager's benchmarks, the FD said.
According to Britain's Telegraph newspaper, which broke the story, the case could throw more light on how Goldman Sachs handled its customers' money in the run up to the crisis.
Goldman Sachs told the Telegraph in a statement: 'We acted prudently and complied with our mandate, fulfilling our obligations to our client.'