Council pension settlement secured from Under Armour [Yahoo! Finance]
Under Armour, Inc. Class C (UA)
Last under armour, inc. class c earnings: 2/11 06:55 am
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Source: Yahoo! Finance
The North East Scotland Pension Fund (NESPF) administers a scheme for 78,000 workers including Aberdeen, Aberdeenshire and Moray council staff. The fund invested millions of pounds in Under Armour stock, but later accused the firm of making false statements about its products. The BBC understands that more than £6m was lost from the joint council fund. Lawyers acting for the pension fund secured the settlement , in June but it has now been approved by a court and the money will be distributed to plaintiffs. A class action is a type of lawsuit where one plaintiff brings forward the claim on behalf of a larger group of people who have suffered a similar loss. NESPF has been acting as the lead plaintiff in a class action against Under Armour. The lawsuit was handled by the US firm Robbins Geller Rudman and Dowd LLP. In a statement to the BBC in June, Mark Solomon, a partner in the firm said the settlement was "an important win" for investors. Under Armour is based in Balti
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