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Sequoia Fund Spat Raises 401(k) Arbitration Issue in 2d Cir.

Oct. 15, 2018, 4:14 PM

New York investment firm Ruane Cunniff & Goldfarb told a federal appeals court that arbitration is the right venue for resolving a dispute over whether the firm’s Sequoia Fund is a proper 401(k) investment.

An investor in DST Systems Inc.'s 401(k) plan Oct. 12 asked the U.S. Court of Appeals for the Second Circuit to undo a decision forcing arbitration of his class claims. The investor says the plan lost more than $100 million by investing Ruane’s Sequoia Fund, a mutual fund that was heavily exposed to the stock of controversial drug maker Valeant Pharmaceuticals. A federal judge ...

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