7/8/2014 3:24:00 PM
NEWS BRIEFS
Acument Pension Investment Faces Counterclaims
Acument Global Technologies Inc. faces counterclaims over a $56 million investment for its pension plans in “what turned out to be a $554 million Ponzi scheme, Law360.com reports.
New York judge Louis Stanton ruled on July 7 that Acument is a fiduciary to its pension plans entity.
In a 2012 suit, “Acument alleged that investment adviser Towers Watson & Co. didn’t do proper due diligence before recommending the investment,” Law360.com reports.
But U.S. District Judge Louis Stanton ruled that Acument shares responsibility for conducting its own due diligence.
Italy-based Fontana Gruppo acquired Acument Global Technologies on June 19th for an undisclosed price.
Acument Global Technologies — formerly Textron Fastening Systems — provides manufactured, highly engineered fasteners to customers in 35 countries, including the U.S. Mexico, and in South America. The company operates 11 manufacturing and distribution facilities in three countries, and employs more than 2,300 workers, according to its website.
Acument Global Technologies brands include Camcar, Ring Screw, Torx, Strux, and Mag-Form. Web: acument.com
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