New England Teamsters & Trucking Industry pension fund, Boston, filed...

New England Teamsters & Trucking Industry pension fund, Boston, filed a lawsuit against SG Cowen Asset Management claiming breach of its fiduciary duty, said Charles Langone, spokesman for the $4 billion fund. According to published reports, the New England Teamsters allege that SG Cowen held declining stocks too long, resulting in a $200 million loss. Before SG Cowen was terminated earlier this year, it managed $1.05 billion for the union fund, approximately two-thirds in value stocks and the balance in bonds. In a statement, officials at SG Cowen wrote, "We do not believe there is any merit to this claim and intend to mount a vigorous defense against it.”