At Deadline

Pfizer Inc. officials have been sued by participants in the company's employee savings plan, alleging breach of fiduciary duty under ERISA. The suit, filed in U.S. District Court in New York, claims the value of Pfizer stock in the company's savings plan plunged after news that some patients who took Pfizer's arthritis drug Celebrex had a higher risk of heart problems. The stock, which fell more than 11% on the news, was ahead 45 cents, or 1.7%, Thursday afternoon, to $26.40.

Attorney Robert Ira Harwood of the law firm Wechsler Harwood LLP confirmed he filed the lawsuit and that he is seeking class-action status. The suit names Hank McKinnell, Pfizer's chairman and CEO, other officials and the company's savings plan committee.

Calls to Pfizer offices were not returned late Thursday.

As of Sept. 30, the company had $7.8 billion in defined contribution assets, with 56% invested in company stock.

Pfizer also is the subject of investigations by at least two other securities law firms for potential claims that the company's 401(k) plan "imprudently" invested in Pfizer stock. Wayne T. Boulton, attorney at law firm Schatz & Nobel, and James F. Conway III, attorney at Johnson & Perkinson, confirmed that their firms are separately investigating claims that the investments may have violated ERISA.

Neither Mr. Boulton nor Mr. Conway would provide additional details.

Caisse de Depot et Placement du Quebec will abolish soft-dollar commissions to brokerage firms on equity and derivatives trading, effective Jan. 1, said Isabelle Tremblay, a spokeswoman for the C$89 billion (US$72 billion) pension fund. The change is being made to "follow the best practices recommended by various international supervisory bodies," said Ms. Tremblay. When the fund requires research and financial information from full-service brokers in the future, it will pay for it directly from its operating budget. "We want to increase the transparency of securities trading costs," she said.

The Virginia Retirement System might add active currency managers next year, said Nancy Everett, CIO. "We just think it's a place where we can add some value," she said. The $42 billion pension fund currently uses two active global equity managers, Goldman Sachs and Alliance Capital, as active currency managers for the system. Fund officials also discussed adding multistrategy hedge funds in 2005, she said. The system currently has 3.3% of total assets invested in hedge funds.

Officials at Baker Hughes Inc. this month elected to contribute an additional $65 million in cash to the company's pension plans, according to an 8-K filing. Company officials now expect 2004 pension contributions to total about $110 million, up from an estimated $45 million to $50 million forecast in second- and third-quarter reports. Baker Hughes' U.S. pension plans had total assets of $237.9 million as of Dec. 31, 2003, and the company's non-U.S. plans had assets of $135.2 million, according to the company's annual report.

Gary R. Flaharty, Baker Hughes spokesman, said the additional contribution will go to the non-U.S. plans, which were underfunded by $134 million as of year-end 2003. The U.S. plans were overfunded by $62.3 million, according to the annual report.

The City of Jacksonville, Fla., has deeded the Jacksonville Police and Fire Pension Fund a parcel of historic real estate in the city's downtown that the $900 million pension fund will seek to redevelop, said Dick Cohee, deputy executive director. He said the lot, which covers roughly half a block, has been valued around $3 million, which doesn't include three buildings on the site that will be renovated. The pension fund has up to a year to present a redevelopment plan to the city.

Mr. Cohee said that, as a result of the redevelopment project, the pension fund has put its search for a manager to run a $40 million domestic value-added real estate portfolio on hold for at least six months.

Philadelphia Public Employees Retirement System is searching for a finance director, said Anthony Johnson, chief investment officer. E. Ray Zies, who was acting finance director of the $4.2 billion system, left Dec. 17 to become Atlanta city comptroller, a new position, said Jaci Mays Vickers, Atlanta city spokeswoman. The previous finance director, Janice D. Davis, became CFO of the City of Atlanta on Aug. 30.

Officials from Morningstar Inc. said the firm is "fully cooperating" with the Midwest regional office of the Securities and Exchange Commission to provide all requested information regarding two wholly owned subsidiaries, Morningstar Investment Services Inc. and Morningstar Associates LLC. Margaret Cohen, a spokeswoman, said Morningstar officials understand the agency's Chicago office is conducting a "routine examination," making general inquiries about the services provided by the subsidiaries. Both entities registered with the SEC as investment advisers. Morningstar Investment Services provides investment management consulting services to defined contribution plan sponsors and Morningstar Associates provides a managed account service for individuals exclusively through financial advisers, Ms. Cohen said.

John Nestor, a spokesman at the SEC's headquarters in Washington, declined to comment on the matter. Merri Jo Gillette, the regional director of the Midwest office, was not available to comment.

William J. Kelly was promoted to CEO of Robeco USA, effective Feb. 8, said Beth McGoldrick, spokeswoman. Stefan Bichsel, who has been president and CEO, will become chairman, a new position. The firm does not currently plan to fill the role of president, Ms. McGoldrick said. Mr. Kelly had been CFO of Robeco USA. Ms. McGoldrick said the firm is "very close" to naming his replacement, but she could not provide additional information.

Robeco USA has $31 billion in assets under management.

James Broderick replaced Mark White as head of the international institutional business of JPMorgan Fleming Asset Management in London. Mr. White, who had been with the firm for 28 years, left earlier this month to pursue other opportunities "which have not been finalized as yet," said Jacqueline Meere, media relations manager at JPMorgan Fleming.

Sen. Michael Enzi, R-Wyo., is slated to become chairman of the Committee on Health Education, Labor and Pensions. The former chairman, Sen. Judd Gregg, R-N.H., will now head the Senate Budget Committee, according to a list of tentative assignments subject to Republican Conference approval.