MOSCOW, February 3 - RAPSI, Sergei Feklyunin. The Moscow District Federal Commercial Court upheld the lower court decisions, which recovered $4.99 million from the Troika Dialog under lawsuit by a non-governmental pension fund, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com) on Friday.
The Social Security of Old-Age pension fund was founded in 1995 by Magnitogorsk Iron & Steel Works.
Established in 1991, Troika Dialog is the leading private investment company in Russia and the CIS.
The court has dismissed the defendant's appeal.
The pension fund entered into a trust management contract with Troika Dialog in 2007 under which the company was to manage the fund's money and shares. The contract expired in December 2010.
The pension fund's assets that were managed by Troika lost 147 million rubles ($4.86 million) of their value during the management period. The claimant maintains that the contract stipulates that Troika is legally obliged to return the funds at least equal in value to what was transferred to it for management.
Troika Dialog told RAPSI that the company finds the lawsuit groundless since it honestly managed the fund's assets and did not commit any actions, which could result in damages. According to the defendant, the losses incurred by the fund, were caused by the impact of the securities' value, which were in the fund's portfolio, during the 2008 financial crisis.