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Alliance Capital to Respond to Florida Suit

June 10, 2002|Associated Press

The New York-based money management firm blamed by Florida for a losing investment of pension fund money in Enron stock is expected to respond to the state's allegations this week.

Alliance Capital Management was sued by the State Board of Administration, which manages the roughly $100-billion pension fund.

Alliance's response in the lawsuit is expected to be filed in Leon Circuit Court today.

The suit accused Alliance, one of about 70 contract firms hired to invest parts of the retirement pool, of costing the fund more than $300 million by investing in Enron as the company spiraled toward bankruptcy late last year.

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