UK pension schemes should monitor U.S. securities class actions more closely to ensure they don’t miss out on potentially big settlements, the National Association of Pension Funds (NAPF) said on Thursday. The industry body said UK schemes have a duty to recoup losses for members from securities class-action suits and should set out policies to monitor them.
According to Institutional Shareholder Services, settlements from securities class actions, which allow investors to sue for corporate fraud as a group, amounted to more than $18 billion in 2006. The NAPF cited suggestions that around $2.4 billion remains unclaimed by UK and European investors.
Link to Reuters.co.uk
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