New York, New York (PRWEB) April 17, 2013
Zamansky & Associates LLC is investigating Wilshire Associates, Cambridge Associates and Mercer Investment, three pension consulting firms. The investigation concerns whether these pension consulting firms recommended Westbridge Capital to their clients who then became victims of Westbridge's alleged Ponzi scheme, and the sufficiency of these pension consulting firms' due diligence on Westbridge Capital.
On August 29, 2012, an investor filed a lawsuit against Wilshire Associates alleging in its Complaint that it invested $50 million of ERISA assets into Westbridge Capital at Wilshire Associates' recommendation. The investor alleges in the Complaint that within months after made its investment, Westbridge’s assets were seized by regulators in an audit. The investor further alleges to have suffered 50% losses, and asserts claims for breach of fiduciary duty. The case is The Timken Company v. Wilshire Associates Incorporated, United States District Court, Central District of California, Docket No. 12-CV-7446.
On July 28, 2012, [Bloomberg News reported that Paul Greenwood, a principal of Westbridge Capital, pled guilty to six charges of conspiracy and securities fraud. The case is U.S. v. Greenwood, 09-cr-722, U.S. District Court, Southern District of New York. According to Bloomberg News, Greenwood was one of two principals alleged by Government Regulators to have operated a $553 million to $1.3 billion Ponzi scheme. He also agreed as part of the plea deal to forfeit $331 million, Bloomberg reports.
The investigation concerns whether Wilshire Associates, Cambridge Associates and Mercer Investment possibly referred other clients to Westbridge Capital who then became victims of its alleged Ponzi scheme. According to Jake Zamansky, “pension managers and advisors have fiduciary duties under ERISA which apply to all referrals and recommendations that they make.” “Pension managers and advisors are required to conduct due diligence before referring or recommending investments to funds,” Zamansky states. “ERISA can impose liability in circumstances where due diligence is not sufficient or improperly done,” he adds.
What Fund Investors Can Do
If you would like to us to review your investments in the Funds or discuss your legal rights, you may, without obligation or cost to you, email jake(at)zamansky(dot)com or call the law firm at (212) 742-1414.
About Zamansky & Associates LLC
Zamansky & Associates LLC is one of the leading law firms specializing in securities fraud and financial services arbitration and class action litigation. We represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover losses.
To learn more about Zamansky, please visit our website, http://www.zamansky.com.
Zamansky & Associates, LLC
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New York, NY 10004
Jake Zamansky, 212-742-1414