Court awards pension fund $4.7 mln in lawsuit against Troika Dialog
MOSCOW, October 3 - RAPSI, Alyona Yegorova. The appeals court on Monday upheld the decision to award a non-governmental pension fund $4.7 million in its lawsuit against Troika Dialog, a leading private investment company, the pension fund told the Russian Legal Information Agency (RAPSI).
The Commercial Court of Appeals dismissed the Troika's appeal against the Moscow Commercial Court's decision to recover $4.6 million and $100,000 in interest from the company.
The non-governmental pension fund Social Security of Old-Age entered into a trust management contract with Troika Dialog under which the company was to manage the fund's money and shares. The contract expired in December 2010. Meanwhile, the pension fund's assets managed by Troika lost $4.6 million of their value during the management period.
Social Security of Old-Age pension fund was founded in 1995 by Magnitogosrk Iron and Steel Works, Magnitogorsk authorities and a number of other entities.
Established in 1991, Troika Dialog is the leading private investment company in Russia and the CIS. It manages the assets of large private pension funds, insurance companies, banks and private investors as well as public funds and institutions