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Photo: AP

A federal judge in U.S. District Court for the Southern District of New York has found the investment manager to two retirement plans liable for losses and ordered more than $15 million in damages to participants.

The lawsuit, which was brought by fiduciaries of plans sponsored by Severstal Wheeling Inc., alleged that investment manager WPN Corp. and its principal, Ronald LaBow, breeched its obligation under the Employee Retirement Income Security Act to adequately diversify plan assets.

Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.

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