The Dutch transport sector pension fund Pensioenfonds Vervoer is set to sue Goldman Sachs Asset Management for between€200 million and €250 million over losses sustained during the financial crisis.
Lawyers for the pension fund delivered the claim to London's High Court on Friday but it will not be filed until later today. The claim runs to nearly 70 pages and alleges that Goldman Sachs Asset Management invested the pension fund's money in unsuitable assets.
Pensioenfonds Vervoer suffered losses of 14.1% in 2008, which, though not as severe as some institutions, caused several participating employers to question the fund's performance. The pension fund replaced Goldman Sachs as its main asset manager in 2010.
Pensioenfonds Vervoer, which has assets of nearly €11 billion, is the mandatory pension plan for the Dutch transport sector, which covers goods transport, taxis, buses and ferries. Employers in the sector must take part unless they can find external pension managers that can guarantee equal or better returns.
Goldman Sachs said: “We acted prudently and complied with our mandate, fulfilling our obligations to our client. We have not yet seen a claim but believe one would be without merit based on the facts of the situation, and we would certainly contest it.”
At the beginning of the year, Pensioenfonds Vervoer appointed Robeco as its integral asset manager, in charge of selecting and monitoring external asset managers and advising the fund on strategic and operational questions.
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