Alcoa sued by ironworkers' pension fund

Aluminum-maker Alcoa Inc. is being sued by an ironworkers' pension fund, in connection with a federal investigation into allegations of bribery of Bahraini officials.

The Hawaii Structural Ironworkers Pension Trust Fund filed suit in U.S. District Court in Pittsburgh, alleging "gross mismanagement," "abuse of control" and "breach of fiduciary duty" occurred, and accusing Alcoa of "causing and/or failing to prevent Alcoa's illegal payment of hundreds of millions of dollars in illegal bribe payments," according to court documents.

Alcoa is under federal criminal investigation, stemming from allegations it overcharged Bahraini government for alumina, and that Alcoa representatives bribed Bahraini officials. A judge in March temporarily halted a civil lawsuit brought against the company by the government of Bahrain, in order to allow federal investigators to conduct the criminal probe.

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The ironworkers' pension fund is seeking unspecified damages for financial losses. The fund owns Alcoa shares.

Alcoa spokesman Kevin Lowery did not immediately return calls seeking comment Friday.

Alcoa (NYSE:AA) is based in New York City, but employs about 2,000 on Pittsburgh's North Shore.