Fresno pension program sues international liquor group

The California county is also suing Facebook, Toyota Motors and Countrywide Financial over stock price drops, hurting the pension program's investments.

By Associated Press | August 27, 2012 at 01:16 PM

FRESNO, Calif.—Fresno County's employee pension program has filed a lawsuit against a leading international liquor producer whose plunging stock price hurt the program's investments.

The Employees' Retirement Association is suing the Central European Distribution Corporation alleging that misstatements artificially inflated the company's stock price.

The Fresno County association is also suing Facebook, Toyota Motors and Countrywide Financial Corp., among others, over stock price drops.

A federal judge in New Jersey last week named Fresno's pension program and the Arkansas Public Employees Retirement System as the lead plaintiffs in the class action suit.

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