Northern Trust Corp. will pay more than $4.2 million to settle a lawsuit filed by a group that includes two Pontiac, Mich., pension systems over investment losses that occurred during the financial crisis.
The Chicago-based financial services firm violated its fiduciary and contractual duties when it “invested its clients’ assets in risky, long-term investments … that plummeted in value,” the lawsuit, filed in U.S. District Court for the Northern District of Illinois, had alleged.
The full article is available here.