The L.A. City Attorney has filed False Claims Act suit against Northern Trust Corporation alleging that the company’s high risk investment practices resulted in a loss of $95 million for the city’s pension funds.  In spite of assurances that the pension fund investments were low risk, the suit alleges that Northern Trust invested in consumer debt and problematic mortgage-backed securities.

Read the entire article, “City attorney sues over $95M losses to LA pensions”