Tag Archives: corporate litigation

Did New Jersey Use Pensions to Support Failing Hedge Funds?

Business Attorneys Examine the Allegations Government employees must avoid conflicts of interest when managing public dollars. New Jersey has very clear rules about how elected officials can invest pension funds, and as a recent complaint alleges, the state government may have violated its own rules by supporting politically charged Wall Street entities. Did New Jersey Officials Violate Investment Policies? According to a complaint from the AFL-CIO, the biggest labor union in New Jersey, the state government violated the law by using pension funds to invest in hedge funds and other “alternative” Wall Street firms. These investments have fallen short of projected goals, and most of the parties that received these funds also charged high fees (up to $400 million). An analysis shows that state funds missed out on billions in lost funds, and that many of the underperforming hedge funds and other “alternative investments” had donated money to prominent organizations…
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