Chicago Tribune: Judge OKs $4.2 million Northern Trust settlement with Michigan pension systems

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.

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