Lawsuit Claims Mismanagement Of Musicians Union’s Troubled Pension Plan

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The American Federation of Musicians’ deleaguered $2 billion pension plan, which had a $122 million shortfall last year, has been hit with a class-action lawsuit that claims its trustees have made a series of risky investments that have endangered the pensions of thousands of musicians. The suit, filed in the U.S. District Court in Manhattan, seeks the appointment of an independent fiduciary to administer the plan and the management of its investments. Like many…