German Dentists’ Fund Sues Its Ex-Manager for €50 Million

A German dentist pension fund that’s facing a loss of half its assets sued its ex-managing director for about €50 million ($58 million), according to people familiar with the lawsuit.

The fund, known by its German acronym VZB, filed the case in the Berlin Labor Court earlier this month, a spokeswoman for the tribunal said in an e-mailed statement without disclosing the amount sought. The claim covers alleged wrongdoing relating to VZB’s investment in insurance startup Element, which filed for insolvency last year, one of the people said.