German dentists’ pension fund sues advisers after C$1.77B loss
A pension fund for more than 10,000 German dentists has launched legal action against its former auditor, an external adviser and several ex-managers after suffering investment losses of over €1.1 billion (about C$1.77 billion), according to reporting by Bloomberg and AwazLive.
Versorgungswerk der Zahnärztekammer Berlin (VZB), which manages roughly €2.2 billion (C$3.55 billion) for dentists in Berlin, Brandenburg and Bremen, said the losses were significant enough to prompt a corruption probe by Berlin prosecutors.
In legal filings, the fund alleges that former internal managers, particularly a dentist-dominated investment committee, breached fiduciary duties and ignored German pension-investment rules under the Investment Ordinance and the Occupational Pensions Act by failing to ensure security, diversification and prudence.
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