The United Auto Workers' leadership is mired in turmoil over allegations of an investment blunder that officials say cost the union about $80 million in potential gains from its financial portfolio, according to seven UAW officials and employees and union documents reviewed by Reuters.
The investment funds were liquidated to pay striking workers in 2023 but weren't reinvested in accordance with the union's investment policy for more than a year, according to the documents and the UAW officials and staffers who spoke on condition of anonymity.
The details of the investment dispute at the union, including the estimate of foregone gains, have not previously been reported. The loss is an estimate of what the union would have earned had the money been invested in the stock market and other assets in accordance with the union's policy during that time.
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