Alliance Capital Management Holding L.P. and Alliance Capital Management L.P. have announced that the trial of the lawsuit brought by the State Board of Administration of Florida (SBA) has resulted in a jury verdict in favour of Alliance Capital on all claims.
Specifically, the jury found Alliance Capital not liable for purchasing Enron stock for the SBA’s account and not liable for allegedly failing to properly apply its investment process. In addition, the jury found the SBA liable to Alliance Capital for $1,113,445 in unpaid investment management fees. The parties have agreed that the verdict will not be appealed.