Futures managers reported strong returns in November, returning 1.67%, according to preliminary data at Managed Account Reports.
Futures returns were bolstered by positions in currency markets as well as financial futures. Lois Peltz, managing editor of MAR, said in as statement that some advisers benefited from long positions in the Canadian and Australian dollars and short positions in the Japanese yen. Nonetheless, volatility in the energy markets led to losses, she said.
Former Pan Am employees lost a bid to have the PBGC replaced as trustee of the defunct airline's underfunded pension plans.
Judge Loretta A. Preska of the U.S. District Court for the Southern District of New York dismissed all but one allegation claiming the PBGC breached its fiduciary duties to the pension fund. She did, however, open the door for members of the Association of Former Pan Am Employees, which sued the agency, to prove in court that the PBGC delayed giving the former employees information about their benefits.
The PBGC took over Pan American World Airways Inc.'s pension plans in 1992.