New York Annuity Fund Sues Investment Adviser and Manager

New York City Sergeants Benevolent Association Annuity Fund has filed a $27 million lawsuit against its former investment adviser, Monitoring and Evaluation Services, and its investment manager, Trainer Wortham, for breach of fiduciary and contractual duties.

The suit alleges that the defendants failed to follow asset allocation guidelines and retained commission revenue that should have been returned to the fund. The suit also claims that the investment manager failed to monitor the investment manager's performance.

Trainer Wortham denies the charges.

Source: Pensions & Investments, June 9, 2003