ALLIANCEBERNSTEIN L.P. (NYSE:AB) Files An 8-K Other EventsItem 8.01 Other Events
ALLIANCEBERNSTEIN L.P. (NYSE:AB) Files An 8-K Other Events
During the first quarter of 2012, AllianceBernstein L.P. (“AB”) received a legal letter of claim (“Letter of Claim”) sent on behalf of Philips Pension Trustees Limited and Philips Electronics U.K. Limited (“Philips”), a former pension fund client, alleging that AllianceBernstein Limited (one of AB’s subsidiaries organized in the U.K.) was negligent and failed to meet certain applicable standards of care with respect to the initial investment in, and management of, a £500 million portfolio of U.S. mortgage-backed securities. Philips alleged damages ranging between $177 million and $234 million, plus compound interest on an alleged $125 million of realized losses in the portfolio. On January 2, 2014, Philips filed a claim form in the High Court of Justice in London, England, which formally commenced litigation with respect to the allegations in the Letter of Claim.
By agreement dated November 28, 2016, the terms of which are confidential, this matter was settled. We expect that AB will recover its contribution to the settlement amount from its relevant insurance carriers.
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About ALLIANCEBERNSTEIN L.P. (NYSE:AB)
AllianceBernstein Holding L.P. provides research, investment management and related services to a range of clients through three buy-side distribution channels, institutions, retail and private wealth management, and its sell-side business, Bernstein Research Services. The Company’s principal services include institutional services, retail services, private wealth management services and Bernstein research services. It offers institutional services to institutional clients, including private and public pension plans, foundations and endowments, insurance companies, central banks and governments around the world. It offers retail services that serve retail clients, primarily by means of retail mutual funds. It offers private wealth management services to private clients, including high-net-worth individuals and families, trusts and estates, charitable foundations, partnerships, private and family corporations, and other entities. It is engaged in providing various investment services. ALLIANCEBERNSTEIN L.P. (NYSE:AB) Recent Trading Information
ALLIANCEBERNSTEIN L.P. (NYSE:AB) closed its last trading session down -0.80 at 23.15 with 166,546 shares trading hands.
AllianceBernstein Holding L.P. provides research, investment management and related services to a range of clients through three buy-side distribution channels, institutions, retail and private wealth management, and its sell-side business, Bernstein Research Services. The Company’s principal services include institutional services, retail services, private wealth management services and Bernstein research services. It offers institutional services to institutional clients, including private and public pension plans, foundations and endowments, insurance companies, central banks and governments around the world. It offers retail services that serve retail clients, primarily by means of retail mutual funds. It offers private wealth management services to private clients, including high-net-worth individuals and families, trusts and estates, charitable foundations, partnerships, private and family corporations, and other entities. It is engaged in providing various investment services. ALLIANCEBERNSTEIN L.P. (NYSE:AB) Recent Trading Information
ALLIANCEBERNSTEIN L.P. (NYSE:AB) closed its last trading session down -0.80 at 23.15 with 166,546 shares trading hands.
