German Dentists’ Fund Sues Advisers Over €1.1 Billion Loss (1)

A German pension fund whose foray into private markets led to losses that totaled half of the fund’s assets has begun legal proceedings against its former auditor, an adviser and its own managers to recover the damages.

The fund known by its German acronym VZB is suing Dusseldorf-based Apobank, the German unit of Forvis Mazars in Hamburg, the Berlin city government as well as nine former managers, according to a court filing seen by Bloomberg News.

VZB, which caters to more than 10,000 dentists in and around Berlin, has saidit’s facing losses of about €1.1 billion ($1.3 billion) ...