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| (Photo:ANP) |
Dutch
pension fund ABP is suing US investment bank Goldman Sachs for knowingly
selling it junk mortgages and providing misleading information.
The ABP
pension fund for government and education employees is the largest pension fund
in the Netherlands and among the three largest in the world. Prior to the 2008
US mortgage and bank crisis, ABP invested large sums in bonds linked to US
mortgages.
ABP accuses
Goldman Sachs of misinforming the pension fund as to the credit worthiness of
the bonds, which proved to be far riskier than the bank had suggested. This
eventually caused ABP to suffer significant losses. ABP will not disclose the
exact amount of the losses it suffered, a spokesperson announced on Saturday.
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