The three man board is led by Florida state governor Jeb Bush and has now given the go-ahead for the pension fund to sue the fund manager unless settlement negotiations between the two parties reach a satisfactory conclusion.
The pension fund lost over $282m on Enron shares purchased by Alliance Capital Vice President Al Harrison on its behalf. Just over a third of the total holding of 7.6m shares were believed to have been bought just six weeks prior to the former energy giant filed for bankruptcy in December 2001.
The New York Times reports that the board that oversees Florida's $94bn state pension fund has now authorized fund directors to start legal action against Alliance Capital over losses incurred as a result of purchases of shares in Enron.
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