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Don't think you can really blame the custody bank (Northern for this). They just hold the assets for the pension plans. The investment managers that actually manage the investments frankly did a poor job of managing their liquidity risk.

Processing hold ups aren't that uncommon. And while NT probably shouldn't have had as much manual processing it's on the pensions investment committee to understand these risks when selecting a custodian.

So all around poor leadership and decision making by the pension fund itself.

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