Mercer to pay $500m in pension lawsuit

Mark Sands
28 Jun 2010

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ANCHORAGE, ALASKA – Mercer has agreed to pay a $500 million settlement with the Alaska Retirement Management Board (ARMB) on its contract and professional malpractice lawsuit.

The lawsuit was based on claims of professional malpractice by Mercer, a division of MMC, with the ARMB claiming Mercer knowingly provided bad advice, costing the state billions of dollars over a period of 12 years between 1992 and 2004.

Although the ARMB manages seven separate public pension funds in Alaska, the case

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