Pension Fund ABP Settles With Merck In Securities Class Action
"As important as recovery of our losses, we have taken up this case to underline our views on good corporate governance. This outcome should serve as a reminder that material information should be shared with the market as soon as it becomes available," stated Henk Brouwer, chairman of ABP. "Nonetheless, the $215 million represents a significant class recovery - one of the largest achieved in a case alleging fraud without a government finding of wrongdoing against the company."
ABP was represented by U.S. securities and corporate governance law firm Grant & Eisenhofer P.A., which has successfully represented the fund in numerous other shareholder cases.
About ABPStichting Pensioenfonds ABP (ABP - Foundation Pension Fund ABP) is the industry-wide pension fund for employers and employees of government and educational institutions in the Netherlands. ABP has 2.8 million participants and an amount of 281 billion Euros in available assets (as at year-end 2012). This makes ABP one of the top three pension funds in the world in terms of size.
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