Bruce L. Jorgensen is also asking the federal court to investigate different Fund officials on how they conducted their fiduciary duty over the past 10 years.
“In an ancillary cause of action…the U.S. government and U.S. Attorney General Eric Holder are named in an effort to have the U.S. court compel the U.S. Justice Department via the U.S. Attorney’s Office and/or the Federal Bureau of Investigation, and/or other U.S. entities, to investigate various Fund and Fund officials’ conduct which has transpired over the past 10-plus years,” Jorgensen said in his first amended complaint.
He said his clients are asking the federal court for the appointment of a federal equity receiver to take over the administration and operations of the Fund, including, but not limited to, current activities such as negotiations, asset collection and debt-review.
The Fund’s board of trustees currently decides on such matters.
Jorgensen said they are also seeking a “certification order” permitting his clients to proceed with their case by way of a class action.
Jorgensen wants the federal court to designate him as class counsel to represent the plaintiffs.
A judgment for a creditors’ bill of equity is also being sought.
If granted, this should allow the plaintiffs to enforce the Superior Court’s recently issued judgment against the CNMI government via the U.S. court, “during the course of which, the U.S. Marshals would be tasked with seizing property, assets, or like means, of satisfying the judgment.”
The Retirement Fund won its case against the CNMI government by default.
The local court ruled that the Fund was owed over $231 million in unpaid contributions as of April this year.
On Tuesday, the Fund, the administration and the Legislature began the negotiations for the payment terms for the government’s unpaid contributions.
