The collapse of investment banking giant Lehman Brothers has allegedly caused $47 million in HRM workers’ pension funds to disappear.
The HRM Pension Committee is now going to court to try to get the money back.
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According to allNovaScotia.com and the CBC, the committee is suing State Street Bank and Trust Company for transferring funds to Lehman Brothers without telling them.
AllNovaScotia.com reports that a filing dated March 25 in the Supreme Court of Nova Scotia alleges State Street transferred the $47 million sometime after August “without the knowledge or authorization of the committee and contrary to the best interests of the committee.”
Lehman Brothers filed for bankruptcy last September. The firm was one of the first to go under at the start of the economic meltdown.
The municipality’s pension committee is responsible for investing pensions for various government employees, including firefighters, police officers and bus drivers.