Mass. State Pension Funds in Conn. Raided by FBI

(NECN) - More than $65 million in Massachusetts state pension funds are tied up in two Connecticut hedge funds that were raided by the FBI.

The Boston Globe reports that some retirement money is invested in Diamondback Capital Management in Stamford and Level Global Investors in Greenwich.

The two hedge funds were raided Monday as part of a federal insider-trading investigation.

The Massachusetts pension board director says there are few details on the investigation, but they're doing everything to avoid a permanent loss.

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