Unions say they lost $1B
Money in pension, benefit funds placed by investment manager with Bernard Madoff
By Eric Anderson, Deputy business editor, timesunion.com
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.
Principal Bernard Madoff pleaded guilty last month to directing the largest Ponzi scheme in U.S. history — involving more than $50 billion.
The figure on the $1 billion estimated loss by the unions is included in a complaint filed April 2 in U.S. District Court in Rochester.
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