Iowa pension fund tries to recoup assets - KWWL - Eastern Iowa Breaking News, Weather, Closings

Iowa pension fund tries to recoup assets

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DES MOINES (AP) -- The board that directs Iowa's largest pension fund has hired an Indianapolis law firm in an effort to recoup $339 million.

The assets were overseen by two investment managers in New York who face federal fraud charges. Paul Greenwood and Stephen Walsh were arrested this week on conspiracy, securities fraud and wire fraud.

Their clients included the Iowa Public Employees' Retirement System. On Thursday, the pension fund's board said it hired Ice Miller LLP as outside counsel to help recover the funds. The money has been frozen since the investment managers' trading capabilities were suspended.

The retirement system has about 312,000 members. The $339 million represents about 2 percent of the total assets.

Online Producer: Mike Verlo

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