5 day forecast
Pitt to receive $2.18 million in investment case
January 11, 2013 12:07 am
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At the end of this month, the University of Pittsburgh expects to receive about $2.18 million more from a distribution to investors in WG Trading Co. and WG Trading Investors who were defrauded.
With the additional money, Pitt will have recovered about 89 percent of the $52 million loss, said spokesman John Fedele. He said the university still will have a net investment claim of $5.7 million.
Mr. Fedele said the university hopes there will be additional distributions.
The case, which originated in 2009, was filed in federal court in New York where Judge George B. Daniels recently approved distributing an additional $40 million on Jan. 31.
First Published January 11, 2013 12:00 am
