Carnegie Mellon University (CMU) and the University of Pittsburgh have recovered around $100 million of their investments with Westridge Capital Management, Pittsburgh PostGazette reports. CMU, whose investment was valued at $49 million, received $32.7 million along with an initial payment of $8 million in January.
Pittsburgh’s investment, which was valued at $65 million, got back $44.4 million along with a payment of $9.3 million in 2009, adds Pittsburgh Tribune. Pittsburgh and CMU were among about two dozen universities, state and municipal pension funds and college endowments that invested in California-based Westridge, which has been accused of running a Ponzi-like scheme.
Click here for the story from Pittsburgh Post Gazette.
Click here for additional coverage from Pittsburgh Tribune.