Employee pensions at local newspapers targeted
By Zack Budryk | The Hill
A hedge fund that controls more than 100 newspapers and is seeking to acquire Gannett is under federal investigation for the handling of its pension fund, according to The Washington Post.
Alden Global Capitol is the controlling owner of newspapers including the Boston Herald and Denver Post, and has been attempting to purchase McLean, Va.-based Gannett, which includes USA Today and more than 100 other papers, according to the Post.
The hedge fund caught the eye of Department of Labor investigators after it moved nearly $250 million in employee pension savings into its own accounts, according to the Post. In some cases it moved 90 percent of retirees’ savings into two Alden-controlled funds, most of which has been moved back since, according to the story.