Florida State Board of Administration (FSBA), which runs $126bn (€138bn) of pension funds in Florida, is suing Alliance Capital Management for $300m over losses incurred investing in Enron, the collapsed US energy company.

In a unanimous vote the trusees of the FSBA, including Jeb Bush, governor of the state of Florida, decided to sue Alliance Capital on several counts including breach of contract breach of covenant of good faith and fair dealing breach of fiduciary duty negligence gross negligence and a claim under the Florida Securities and Investor Protection Act.