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Rating:Will Alliance Hold out in Florida Suit? Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, March 07, 2005

Will Alliance Hold out in Florida Suit?

by: Theresa Sim

The Florida State Board of Administration, and many public employee Floridians, have been waiting for tomorrow for a long time. The SBA's lawsuit against Alliance Capital Management, the Florida pension fund's former manager, will begin with opening statements tomorrow, reports the Wall Street Journal.

The SBA, which filed its suit in Leon County Circuit Court in Tallahassee, Florida, alleges that the New York-based money manager was negligent and reckless in continuing to buy Enron stock for the Florida pension fund.

The SBA is seeking to recover more than $300 million in losses, interest, legal fees and punitive damages from the firm. According to the suit, the SBA alleges that Alfred Harrison, portfolio manager for the SBA and vice chairman of the firm, did not base his advice to the SBA on rigorous research. Harrison continued to buy Enron stock even as Alliance's own analysts condemned the stock and Enron management.

Harrison has since retired from Alliance.  

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