Bluefin, the world’s largest pension fund, said it will pay $2 billion to cover the pension liability of a former employee, whose retirement plan was hacked and his employer was forced to lay off hundreds of employees.
Bluefin will pay out $2 million of the $4 billion it plans to pay into the pension fund over three years.
Bluefin will then make an interest payment of $1.9 billion per year.
The fund has already covered a $1 billion payout to the pensioner, who worked at the company from 2003 to 2011.
Bluefingers former CEO, James Dolan, had to be hospitalized following a fall while visiting his daughter, and was later charged with fraud.
Since retiring in March, Bluefin has been working on a plan to pay off all of its remaining pension liabilities.
It has already paid $500 million into the fund and said it was about to pay $1 million more, according to the Wall Street Journal.
In a statement, Bluefinger CEO Jim Dolan said the company “believes that the company is committed to ensuring that its employees and retirees have a safe and sound retirement.”
“The investment in Bluefin provides a unique opportunity to better meet this challenge and is in line with Bluefin’s long-term plan to invest its assets in long-lasting investments that are proven in the markets,” he added.
“Bluefin’s investment strategy is a combination of aggressive capital allocation and aggressive leverage.
These strategies are intended to drive long-run growth while reducing the risk of financial shocks to Bluefin.”