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Seattle City Employees' loses case over redemptions against Epsilon


Seattle City Employees' Retirement System has lost the legal action it took earlier this year against a fund called Epsilon Global Active Value Fund II.

Seattle had invested a total of $20 million into the Epsilon fund in 2004. Over the course of the mandate, the retirement system estimated from monthly account statements that its account value as of 31 January was $24.8 million.

The lawsuit was sparked after Epsilon declined to provide a 2008 annual report to the $1.7 billion pension fund, and later told Seattle that it