The £7.5bn (€11bn) West Midlands Pension Fund has been thwarted in its application to the US Federal court to be co-lead plaintiff in a legal action against Dell, the US computer giant.

Pension funds, which have historically been reluctant to enter disputes, are taking a lead role in actions in the US to ensure they are treated fairly in any settlement. Reports have estimated that reparations worth $2.4bn have already been set aside for non-US investors. Much of this is owed to pension funds, even though they have not pursued a case.