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Pension fund's appeal against $59 mln suit dismissal to be heard on February 13

13:52 30/01/2012

MOSCOW, January 30 - RAPSI, Alyona Yegorova. An appellate court will consider on February 13 a non-government pension fund's appeal against dismissing its lawsuit for $59 million against a management company, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com) on Monday.

The Khanty-Mansi Non-Government Pension Fund and the Yugra-Finans Management Company entered into a pension funds trust management agreement in 2008.
In 2010, the plaintiff notified the defendant of the agreement's termination.

The claim amount constitutes the difference between the market value of the assets transferred for management and the value of the assets returned after termination.

The fund maintains that Yugra-Finans is obliged to repay the assets, so the pension reserves will not decrease.

The management company argues that it returned all money and securities in its disposal when it received the termination notice, while under the agreement the plaintiff assumed all the assets value impairment risks.

The fund was established in 1995. It is one of Russia's top-five non-government pension funds

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Pension fund's appeal against $59 mln suit dismissal to be heard on February 13

13:52 30/01/2012 An appellate court will consider on February 13 a non-government pension fund's appeal against dismissing its lawsuit for $59 million against a management company.
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