Oregon Public Employees' Retirement Fund, Tigard, will press for recovery of investment losses from its holdings in Marsh & McLennan Cos. Inc., New York. The $45 billion fund has lost $6.6 million since New York Attorney General Eliot Spitzer announced on Oct. 14 that he was suing the insurance broker for allegedly rigging bids. The Oregon fund holds nearly 375,000 shares of Marsh & McLennan stock, which traded at $28.54 at midday today, down from $46.25 on Oct. 14. Oregon Treasurer Randall Edwards said he and the Oregon Department of Justice will explore options for recovering the losses.
Under Oregon law, the state can pursue recovery of investment losses that stem from corporate fraud. If a company makes false statements or fails to fully disclose fraudulent activities in the course of selling its securities to state entities, the state may sue the corporation for damages, according to a release from Mr. Edwards.