Hedge fund Alden Global Capital moved almost $250 million
of employee pension savings into its own accounts, prompting a look from the
Department of Labor, The Washington Post reports.
Alden Global Capital owns over 100 newspapers, under its MediaNews Group. Among
its brands are the Boston Herald and The Denver Post.
The Department of Labor is probing Alden
concerning the running of its pensions, a hedge fund spokesman confirmed,
according to the paper.
Recently Alden has been attempting to acquire
USA Today owner Gannett , America
“MNG believes that Alden’s management of the
pension plan assets for which it provided management services has at all times
complied with all legal requirements, including ERISA,” said Hugh Burns, a
spokesman for MediaNews Group, in a statement, The Post reports.
The federal ERISA, the Employee Retirement
Income Security Act, concerns private pension holders. It was made law in 1974.
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