The Connecticut Retirement Plans & Trust Funds lost a long-running class action lawsuit when a unanimous jury verdict ruled in favor of JDS Uniphase Corp. and four of the company’s former executives.
The state pension fund, which lost $65 million with its investment in the fiber-optics company, was seeking more than $20 billion in damages for all investors that lost money. The state attributed the investment loss to the company’s malfeasance. However, the jury found that the company was not liable for shareholders’ losses in the dot-com meltdown because the company could not have foreseen its staggering losses.
Attorney General Richard Blumenthal said in a statement: “We are deeply disappointed by this verdict. In the coming days, we will carefully scrutinize the court’s rulings and the jury’s decision, and explore possible additional legal options. This verdict will not deter us from fighting to uphold and protect shareholder rights.”
