Former trustees of the ACSMS pension fund liable for damages
Published: Thursday, Jul 18th 2024, 12:10
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The twelve former members of the Board of Trustees of the Pension Fund of the Medical-Social Services of the Saane District (ACSMS), which went bankrupt in 2015, are liable for CHF 20 million that was lost due to a reckless investment strategy. The Federal Supreme Court dismissed their appeal.
The former auditing company of ACSMS is also jointly and severally liable with the former members of the Board of Trustees for a partial amount of CHF 5 million of the total CHF 20 million. However, in a decision published on Thursday, the Federal Supreme Court upheld the appeal of a pension expert.
The LOB Guarantee Fund, which had to step into the breach due to the bankruptcy of ACSMS, filed its lawsuit against the respondents with the Fribourg Cantonal Court in July 2019. The Federal Supreme Court confirmed its ruling with the exception of the pension expert.
Duties disregarded
Otherwise, it held that the respondents had not fulfilled their legal obligations. The pension fund had entrusted a large part of its assets to an external investment advisor without having sufficiently scrutinized the advisor and his investment strategy.
In October 2021, the Commercial Criminal Court of the Canton of Fribourg sentenced the investment advisor to nine years' imprisonment for aggravated embezzlement, aggravated breach of trust and forgery. The judgment is not yet final. (Judgement 9C_496/2022 and others from 18.6.2024)
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