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Member, Beacon International Group, Ltd.
AMSTERDAM (Reuters)—Dutch pharmaceuticals firm Mediq said a Dutch court awarded its pension fund €40 million ($57.3 million) in a lawsuit against a unit of State Street Corp. over losses related to Lehman Brothers.
The ruling in favor of Stiching Pensioenfonds OPG against State Street Global Advisors Ltd. was handed down last Wednesday, Mediq said in a statement on Monday.
State Street managed most of OPG's stock assets and in turn had transferred the assets' management to Lehman Brothers, which went bankrupt last year, OPG said in its 2008 annual report.
The pension fund had argued that State Street had an obligation to protect it from bankruptcy risks, Mediq said.
State Street could not be immediately reached for comment.
The stock assets were worth just under €48 million ($68.8 million), OPG said in the report. It had total assets of €203 million ($290.8 million) at the end of 2008.