NZ Superfund spent $150,000, so far, in legal fees in Portuguese banking case

Thu, 26 Feb 2015

By Tina Morrison Feb. 26 (BusinessDesk) - The New Zealand Superannuation Fund has so far spent about $150,000 in legal fees as part of its case to overturn a decision by the Bank of Portugal to move the fund's US$150 million investment into a "bad bank", thereby voiding its insurance on the investment. The sovereign fund has written off the value of its investment after the Portuguese central bank decided to place the Goldman Sachs-organised loan to Bank of Espirito into the "bad bank" part of BES rather then the new state-supported "good...

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