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DERIVATIVES SUITS PLANNED BY AGENCY
WASHINGTON-The Labor Department is expected to take several cases to court this year that involve collateralized mortgage-backed securities, according to a source at the Department of Labor.
The source would not say whether the department would sue benefit plan sponsors or money management firms.
More than 10 cases are being seriously considered for trial, the source said.
However, any action inevitably will be delayed because of the federal government shutdown that resulted from the balanced budget stalemate.
Benefit plans generally are not considered major investors in financial derivatives, though their holdings may be more widespread than initially thought (BI, Dec. 26, 1994).
Sources said the Labor Department is trying to make an example of its derivatives cases, to show institutional investors that they need to be extremely careful when they are investing in derivatives.
Sources agreed the suits would not raise new legal issues but would elevate prudence standards.
NEW ADVISER IS LATEST IN SHAKEUP AT LLOYD'S
LONDON-Top-level staff movements at Lloyd's of London continue with last week's announcement that Chairman David Rowland has appointed a new senior adviser.
Christopher Moore will be looking at Lloyd's capital raising and funding requirements.
He previously had been a director of international investment bank Robert Fleming Holdings Ltd.
Mr. Moore is chairman of an international venture fund and a board member of an industrial group, as well as the Stop Loss Mutual Assn.
Mr. Moore was elected an underwriting member of Lloyd's in 1977.
However, Mr. Moore suspended his underwriting for this year at the time he assumed his post as adviser.