The trustees of the £2bn (€2.15bn) Philips Electronics UK pension fund have filed a lawsuit against consulting firm Hewitt Associates and one of its former top executives. The £103m claim refers to actuarial services.
Philips told IPE it took Hewitt to court because it finds the consultant made a number of errors in the valuation of certain benefits in connection with its actuarial services provided from 1995 to 2000. According to a spokeswoman the damages for Philips lie between £75m and £103m.