Patrick DiCarlo Quoted in Bloomberg.com Article

Patrick DiCarlo was quoted in a recent Bloomberg.com article which focused on a money management company being sued for damages over losses from subprime-mortgage investments made for pension funds. The company is being sued under the federal Employment Retirement Income Security Act (ERISA), with the plaintiffs claiming that the company breached its fiduciary duty by investing pensioners’ money in high-risk securities instead of the conservative funds promised. DiCarlo, who practices in that area, pointed out that, “in your classic securities-fraud context, you have to prove a fraudulent intent,” but, in such a case as this, “all you have to prove is that the investment is imprudent.”