Lawsuit Filed
Against Educators' Fund
COURTS: Investors'
civil action alleges that up to $100 million has been lost.
Company officials were unavailable for comment.
by Debora Vrana and John O'Dell
from The Los Angeles Times,
Business, Part D Page 1, August 24, 1995
partial reprint; contact The Los Angeles Times for complete
text
EXCERPT:
"A lawsuit filed Tuesday alleges
that a real estate investment fund that raise as much as $1 billion
from 60,000 California educators has lost up to $100 million
of the investors' money."
OTHER POINTS:
-- Teachers Management
and Investment Inc., was a fund "marketed by teachers for
teachers.... (investing) educators' retirement funds in dozens
of real estate limited partnerships."
-- Fund may be insolvent.
-- Suit calls for immediate
appointment of a receiver to run the company.
For complete text, contact
The Los Angeles Times.
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