AMSTERDAM (AP) — A Dutch pension fund says it will pursue a claim for damages from the Netherlands' Central Bank after a court ruled the authority wrongly ordered the fund to sell most of its gold holdings in 2010.
The Rotterdam District Court ruled Tuesday the central bank had failed to back its claims that the Vereenigde Glasfabrieken pension fund's holdings were "not prudent."
In the wake of the 2008 financial crisis, the SPVG fund built its gold holdings up to 13 percent of its total assets by 2010. The central bank then ruled that the fund was overexposed in the asset class and ordered it to sell all but 3 percent.
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Though the small fund missed a rise in gold as a result, it is still outperforming the biggest funds in the Netherlands, which are raising premiums and cutting benefits. SPVG's other holdings were in Dutch and German government bonds.
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