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Vervoer settles with Goldman Sachs over fiduciary management dispute

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Pensioenfonds Vervoer, the pension fund for the Dutch transport industry, has settled out of court with Goldman Sachs Asset Management (GSAM) in a long-running dispute concerning GSAM’s performance as the scheme’s former fiduciary asset manager.  

In July 2012, Vervoer issued a legal claim in the High Court in London against GSAM over a dispute about investments in a portable alpha structure and the implementation of an increased investment in global high-yield credit.

In a statement released today, Vervoer said: “The parties have now reached an agreement through which the dispute has been settled to the satisfaction of both parties.”

It said the terms and conditions of the settlement were confidential, and that, “accordingly, neither party will comment on them any further”.

The lawsuit was scheduled to be heard in the High Court early next week.

Vervoer decided to terminate its fiduciary management agreement with GSAM in 2010 over dissatisfaction with its performance.

In 2011, it confirmed that Robeco would in future act as its fiduciary manager, and in July 2012 the fund confirmed it would seek damages from GSAM.

Vervoer’s initial court filing of late summer 2012 accused GSAM of multiple breaches of contract during the asset manager’s time as its fiduciary manager and sought damages of €250m.

GSAM rejected all allegations as “mischievous and wholly unfounded” and argued that Vervoer’s complaints came with “the benefit of perfect hindsight”.

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