Unions say they lost $1B
Tuesday, April 21, 2009 : PermalinkAlbany Times Union – A group of upstate unions claims it lost nearly $1 billion in pension and other benefit funds after an investment manager placed the money with Bernard Madoff Investment Securities LLC.
Now, the unions have filed a class-action lawsuit against the adviser, Syracuse-based J.P. Jeanneret Associates Inc. and against White Plains-based Beacon Associates Management, which operated funds that invested pension money with Madoff.
Tags: 1-billion, adviser, albany times union, benefit funds, bernard madoff, class action lawsuit, investment manager, investment-securities, jeanneret, pension money, syracuse, times-union, unions, white-plains
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