Federated Hermes Inc. is facing litigation in the High Court of Justice, Business and Property Courts of England and Wales, brought by Aberdeen City Council as administering authority of the Aberdeen City Council Pension Fund. The lawsuit centers on the Fund's investment in the Ventus Portfolio, a group of five onshore wind farms in Sweden. The plaintiff alleges professional negligence and breach of the Fund's limited partnership agreement by Hermes GPE, the investment manager, and claims that the General Partner failed to properly oversee HGPE. The claims relate to an alleged decline in the value of the approximately £104 million investment made in 2019, with damages sought totaling about £87 million, of which approximately 38.1% is claimed directly against the General Partner. Federated Hermes, HGPE, and the General Partner deny the allegations, consider the claims to be without merit, and intend to defend themselves vigorously. The company does not expect the outcome to have a material adverse effect on its financial position. An insurance claim has also been filed in connection with the litigation.

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