New Jersey to Sue Over Pension Fund Losses

New Jersey will sue companies whose misleading financial reports or mismanagement led to losses in the state’s $73-billion pension funds, Atty. Gen. David Samson said.

The state has identified at least $1 billion in losses that may be due to improper actions by corporations whose stock was held by the funds, the attorney general’s office said. The funds have declined 22% over the last two years because of a falling stock market and increased pension payments.

Several states are considering lawsuits in an attempt to recoup pension fund losses.