The money manager claims that Enron's false statements obscured the company's true financial position and encouraged it and several other funds to invest monies which were subsequently lost.
Top Alliance fund manager Alfred Harrison continued to purchase shares in the failed energy giant until just a few weeks before Enron filed for bankruptcy protection. Alliance officials claim that the investment decisions made in respect to Enron were reasonable given the information coming from the company.
The fund manager has been fired and sued by the Florida Board of Administration, which oversees investment for the state's pension funds. The board lost more money on Enron than any other organisation, excluding Enron's own retirement plans.
Fund Manager Claims Enron Misled It
The Washington Post reports that officials of Alliance Capital, the fund manager which lost $300m as a result of the collapse of the Enron Corporation, claim that they were 'deliberately misled' by Enron employees into thinking that the business was sound and would regain its health.
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