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UK's Man Group to challenge Kuwaiti pension fund's allegations in court

Kuwait's Public Institution for Social Security said it has filed a $156 million lawsuit with the U.K. Supreme Court against Man Group PLC and its units, Reuters reported.

The U.K.-based asset manager had allegedly carried out "secret contracts" with a former executive of the pension fund between 1996 and 2013, according to the Jan. 9 report.

Man Group said it will challenge the pension fund's allegations, which dates back "over 20 years," in court, the newswire noted.

"Based on the evidence we have seen to date, Man Group will dispute any claim and intends to vigorously and robustly defend any proceedings," the asset manager said.