The 9th Arbitration & Appeals Court supported the ruling of Moscow Arbitration Court that rejected the claim laid by UMMC Perspektiva Non-State Retirement Fund against Russia’s Federal Financial Markets Service, Kommersant reports.

The plaintiff disagreed with the Service’s order issued on March 31, 2011 that made the fund eliminate the legal violations contained in the decisions made by the company’s Board in February and March 2009 within thirty days. The decisions had to do with the redistribution of profits and losses obtained through the management of retirement savings and reserves for the year 2008. According to the company’s report, the fund incurred 170m RUR worth of losses in 2008, so the Board decided to reduce the scale of retirement liabilities relating to their insured persons, which violated their rights. Russia’s Federal Financial Markets Service declared that at the time the Board was making the controversial decisions, Article 14 of the Non-State Retirement Funds Act strictly prohibited making one-sided decisions that violate the involved parties’ rights.