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Published: Wednesday, 12/29/2010

Ohio pension fund sues Wells Fargo over loss

NEW YORK — An Ohio pension fund has sued Wells Fargo & Co. to recover losses suffered when its recently acquired Wachovia Corp. put the fund's money into a risky investment vehicle that ultimately failed.

The School Employees Retirement System of Ohio, represented by state Attorney General Richard Cordray, said it lost $29.6 million from Wachovia's mismanagement of a securities lending program marketed as a “low-risk” way to earn extra returns.

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