A lawsuit filed by three retired union members against the $2 billion Carpenters Pension Trust for Southern California, Los Angeles, has been settled. The suit, filed in U.S. District Court in Los Angeles, claimed the trust had misused assets and that Blum Capital Partners, one of the trusts investment managers, had charged excessive fees. No money was exchanged as part of the settlement, said Owen Blicksilver, a Blum Capital spokesman. Blum Capital is chaired by Richard Blum, who is married to Sen. Dianne Feinstein, D-Calif.
Blum Capital had countersued the plaintiffs but has dropped the suit.